The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production averaged 1.451 million barrels per day (mbpd) in September 2021.
OPEC made this known in its Oil Market Report for October 2021 amidst the global energy crisis. Oil prices have maintained an uptrend amidst stronger demand as the global economy continues the process of healing from the pandemic outbreak in 2021.
Though threat remains but the availability of covid-19 vaccines, to a greater extent, has doused pressures from the lockdowns witnessed last year.
According to the OPEC report, the current figure translates to an increment of 156 barrels per day when compared to the 1.296 million barrels per day produced averagely in the month of August 2021.
It also noted that Nigeria’s non-oil economic activities grew despite the lingering effects of the current COVID-19 wave.
The report said: “The Stanbic IBTC Bank Purchasing Managers’ Index (PMI) edged up to 52.3 in September from 52.2 in August, remarking the 15th consecutive monthly expansion.
“Yet labour market pressures continued to be a concern.
“Recently released National Bureau of Statistics data indicated that the unemployment rate increased to 33.30 per cent in fourth quarter 2020 from 27. 10 per cent in second quarter 2020.”
It, however, said both consumer and business confidence has increased, driven by the overall positive sentiments related to the easing of COVID-19 restrictions and rising commodity prices.
Source: dmarketforces.com
