Nigeria’s oil production rises by 2.55 million barrels, according to OPEC.

Nigeria’s oil production rises by 2.55 million barrels, according to OPEC.

opec

Nigeria’s oil production rises by 2.55 million barrels, according to OPEC.

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The Organization of Petroleum Exporting Countries announced on Tuesday that crude oil production in Nigeria increased by about 2.55 million barrels in November 2021.

NewsReport gathered that according to OPEC, the country’s crude oil production increased by 85,000 barrels per day in November, to 1,420,000 barrels per day, up from 1,335,000 barrels per day in October.

According to data obtained in Abuja by our correspondent from the 13-member organization’s December 2021 Monthly Oil Market Report, Nigeria’s crude oil production in November was higher than in September and October.

According to OPEC data, Nigeria produced 1,365,000 and 1,335,000 barrels of crude per day in September and October, respectively.

The report, however, stated that crude oil spot prices declined in November, amid concerns regarding the emergence of the new Omicron COVID-19 variant, and easing of the energy crunch which had resulted in higher oil demand from the gas-to-oil switching.

The crude oil value in the OPEC Reference Basket dropped by $1.74, or 2.1 percent in November to an average of $80.37 per barrel, amid lower prices of almost all medium and heavy sour grades in Asia, Europe, and the Americas.

The year-to-date ORB value reached $69.45 per barrel, which was $28.71, or 70.4 percent higher compared with the same period last year of $40.75 per barrel.

OPEC kept its oil forecast for 2022 unchanged at 4.2 million barrels per day, adding that indeed, some of the recovery previously expected in the fourth quarter of 2021 was now shifted to the first quarter of 2022, followed by a more steady recovery throughout the second quarter of next year.

“The impact of the new Omicron variant is expected to be mild and short-lived, as the world becomes better equipped to manage COVID-19 and its related challenges,” OPEC stated.

It added, “This is in addition to a steady economic outlook in both the advanced and emerging economies.”

Meanwhile, it was observed that the cost of Brent, the crude against which Nigeria’s oil is priced, dropped by $1.42 to close at $72.97 per barrel as at 6.53 pm Nigerian time on Tuesday.