Nigeria's crude oil production dropped for the second consecutive month to 1.32 million barrels per day in February 2024 from 1.42mbpd in the previous month. This was contained in the Organization of Petroleum Exporting Countries, OPEC's recent Monthly Oil Market Report, MOMR. The figure for the month was based on direct communication from Nigeria to OPEC's authorities. However, based on secondary sources, Nigeria recorded a daily crude oil production of 1.
Nigeria's closest rival on the continent was Libya, whose oil production for the month stood at 1.17mbpd, followed by Algeria, which produced 906,000 barrels daily, OPEC figures showed. According to global oil prices, Brent crude went up by 3.2 per cent to an average of around $81.72/barrel, while the NYMEX WTI futures contract rose by $2.75 to an average of $76.61/barrel. Meanwhile, Nigeria's estimated daily crude oil production target is 1.78mbpd, while OPEC pegged its production at 1.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria's Crude Oil Production Drops in January 2024Nigeria's crude oil production marginally dropped in January 2024 to 1.419 million barrels per day (mbpd) from 1.422mbpd in December last year, according to OPEC's February Monthly Oil Report.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Inflation in Nigeria Expected to Decline in 2024, Says Research AgencyAgusto & Co., a research agency, predicts that inflation in Nigeria will reach an inflection point by mid-2024 and gradually decline to an average of 26% in 2024. However, the agency warns that growing insecurity and potential economic risks could impact this forecast.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Nigeria's Inflation Rises to 29.90% in January 2024Nigeria's inflation increased to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2023 amid rising food prices.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Nigeria's Cooking Sensation Hilda Baci to Start Cooking Class in 2024Hilda Baci, founder of My Food By Hilda, is set to start the first cooking class of 2024. With over 160 recipes to be taught, Baci aims to empower more women and contribute to the growth of the country.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Nigeria’s crude oil production rose in FebruaryNigeria’s crude oil production rose to 1.476 million barrels per day in February, from 1.429 million bpd recorded in January, an increase of 47,000 barrels, an OPEC survey, which cites secondary data sources, said.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
FBNQuest Research Economic Outlook Report 2024 Projects Volatility in Exchange RateThe FBNQuest Research Economic Outlook Report 2024 has projected significant volatility in the exchange rate with a year-end rate of N1,317/$ following uncertainty surrounding liquidity inflow. The report also expects continued pressure on domestic prices due to higher transportation costs and persistent insecurity stemming from renewed bandits’ attacks on farmers in food-producing areas. The report also anticipates the transmission effect of the deregulation of the downstream and FX crisis to exert upward pressure across core components on the inflation basket. The Head of Equity Research at FBNQuest, Tunde Abidoye, stated that despite the myriad headwinds confronting the economy, such as low gross domestic product (GDP) growth, high inflation rate and downward pressure on the naira exchange rates, the government’s steadfast commitment to policy reforms holds good prospect for the economy.
Source: GuardianNigeria - 🏆 1. / 94 Read more »