Connect with us

Economy

Nigeria Regains Africa’s Top oil Producer Status

Published

on

Oil
  • Nigeria Regains Africa’s Top oil Producer Status

Buoyed by the return of the Forcados export terminal, the nation’s oil production has surpassed that of its rival, Angola, the latest data from the Organisation of Petroleum Exporting Countries has shown.

Nigeria, which again lost its Africa’s top oil producer status to Angola in January after it regained it in November last year, recorded the biggest increase in output among its peers in the OPEC last month.

For nine months in 2016, Nigeria lagged behind its southern African counterpart in oil production on the back of the resurgence of militant attacks on oil facilities in the Niger Delta.

OPEC, in its Monthly Oil Market Report for June 2017, which was released on Tuesday, put crude oil production from Nigeria at 1.640 million barrels per day in May, up from 1.404 million bpd in the previous month, based on direct communication.

Production from Angola stood at 1.593 million bpd in May, down from the 1.651 million bpd it closed at last year.

The report said rising output from Nigeria, Libya and the North Sea kept the Atlantic basin well supplied with light sweet crude, weighing on crude values.

“Nigerian crude production rose to 1.68 million bpd, the highest level in more than one year. This followed the restart of Forcados loadings for the first time since October 2016,” it said.

OPEC, which uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member-countries, said the group’s total production in May averaged 32.14 million bpd, showing an increase of 336,000 bpd over the previous month.

“Crude oil output increased the most in Libya, Nigeria and Iraq, while production in Angola and the United Arab Emirates showed the largest declines,” it said.

Meanwhile, Nigeria’s crude oil exports are set to reach 1.84 million bpd in July, slightly higher month-on-month, because of a recovery in Forcados exports, according to loading programmes compiled by Reuters on Wednesday.

Forcados exports resumed at the end of May after a nearly complete shutdown since February 2016. The grade’s operator, Shell Petroleum Development Company of Nigeria Limited, issued an initial June schedule of 197,000 bpd before increasing it to 252,000 bpd.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

Published

on

Petrol Importation - investorsking.com

The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

Continue Reading

Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

Published

on

Gas-Pipeline

The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

Continue Reading

Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

Published

on

food storage

Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

Continue Reading

Trending