Crude oil production in Nigeria fell below 1.2 million barrels per day (bpd) in December 2021 from 1.28 million bpd in the previous month, according to the Organization of the Petroleum Exporting Countries (OPEC).
The country generated 1.197 million bpd last month, OPEC said in its latest monthly report. The Nigerian Upstream Petroleum Resources Commission show that the highest volume of crude oil produced last year was about 1.43 million bpd (in March), compared to the production level of 1.86 million bpd in the 2021 budget.
OPEC’s total crude oil production hit an averaged 27.88 million bpd in December, an increase by 170,000 bpd month-on-month. “Crude oil output increased mainly in Angola, Saudi Arabia, Iraq and the UAE, while production in Libya and Nigeria declined,” the 13-member group said.
OPEC said in its latest report that demand would increase this year, going by the projected recovery of the world’s economy. It said, “In 2022, the forecast for world oil demand growth also remains unchanged at 4.2 million barrels per day with total global consumption at 100.8mbpd.
“While the impact of the Omicron (COVID-19) variant is projected to be mild and short-lived, uncertainties remain regarding new variants and renewed mobility restrictions, amid an otherwise steady global economic recovery.”
For crude oil price movements in December 2021, the organization also stated that both crude oil spot and futures prices fell for the second consecutive month in December.
It said the OPEC Reference Basket fell $5.99, or 7.5 per cent, to settle at a three-month low of $74.38/barrel.
“Crude oil futures prices extended losses in December, declining on both sides of the Atlantic, with the ICE Brent front-month down $6.05, or 7.5 per cent to average $74.80/barrel and NYMEX WTI declining by $6.96, or 8.8 per cent, to average $71.69/barrel,” the organization added.
