OPEC: Nigeria’s crude oil production averaged 1.183m barrels per day in July | Dailytrust

OPEC: Nigeria’s crude oil production averaged 1.183m barrels per day in July

Crude oil
Crude oil

The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production increased to an average of 1.183 million barrels per day (bpd) in July 2022.

OPEC made this known in its Oil Market Report for August 2022 which was obtained by the News Agency of Nigeria (NAN) on Thursday in Lagos.

The report said the figure showed an increase of 7,000 barrels per day when compared with 1.176mb/d produced averagely in the month of June 2022.

“According to secondary sources, averaged 28.92 mb/d in July 2022, higher by 216,000 barrels per day month-on-month.

“Crude oil output increased mainly in Saudi Arabia, the United Arab Emirates, and Kuwait, while production in Venezuela and Angola declined,” it said.

The report said Nigeria’s July Stanbic IBTC Bank Purchasing Manger’s Index rose to 53.2 from 50.9 in June, amid stronger inflows of new orders.

It said this helped to underpin a further improvement in operating conditions in the Nigerian non-oil private sector.

“Yet, purchase and output price inflation accelerated for the fifth straight month to 18.6 per cent in June 2022, against 17.7 per cent in May, amid unfavourable exchange rate movements and higher fuel costs.

“Nevertheless, business sentiment improved as firms reported hopes of securing greater business investments,” the report added. (NAN)

Dear Reader,
Every day, we work hard to provide readers such as you with the most accurate, up-to-date, and comprehensive information. Quality journalism costs money. Today, we're asking that you support us to do more. Your support means that Daily Trust can keep offering journalism to everyone in the world. Sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Zenith Bank
1017257739
Media Trust Ltd


Please send details of your bank transfer to the email or Whatsapp number below so that we can contact you.

If you have any questions, please let us know.

Inquiries:
Email: membership@dailytrust.com
Whatsapp: +234 806 990 3410