The Organization of Petroleum Exporting Countries (OPEC) has disclosed that Nigeria’s crude oil production declined to an average of 1.417 million barrels per day in February 2022.
OPEC made this known in its Oil Market Report for March 2022, which was obtained on Tuesday in Lagos State.
The report said the figure showed a decrease of 10,000 barrels per day when compared to the 1.427 million barrels per day produced averagely in the month of January 2021.
The report said, “According to secondary sources, total OPEC-13 crude oil production averaged 28.47 mb/d in February 2022, higher by 0.44 mb/d Month-on-Month.
“Crude oil output increased mainly in Saudi Arabia and Libya, while production in Nigeria and Equatorial Guinea declined.
“The annual inflation rate stood at 15.6 per cent in January 2022, almost unchanged from the previous month.
“On a monthly basis, consumer prices were up 1.47 per cent, following a 1.82 per cent increase in the previous month.
“Higher food costs related the geopolitical tensions could further fuel inflation.
“Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index surged to 57.3 in February from 53.7 in the previous month, as the non-oil private sector expanded the most since November 2019.”