NIGERIA has struggled to meet its oil production quota in October, taking the fourth position after Libya Algeria and Angola.
The Monthly Oil Market Report (MOMR) released by OPEC on Monday, November 14 stated that Libya drilled 1.163 million barrels per day and Algeria produced 1.060 million bpd, while Nigeria’s oil output stood at 1.024 million bpd in October.
The additional 77,000 bpd Nigeria recorded in the month under review was said not to be enough for the country to regain its position as Africa’s biggest producer.
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According to the report, Nigeria’s roughly 1 million bpd was a far cry from its average of 1.493 million bpd in 2020 and 1.323 million in 2021.
This was said to have been impacted by the devastating rains and floods that affected 31 of Nigeria’s 36 states, resulting in a significant loss of land, lives and livelihoods.
According to OPEC, record-high inflation continues to persist, even after a recent rate hike by the central bank.
OPEC noted that September’s annual inflation rate accelerated to 20.77 per cent from 20.52 per cent in August.
It stressed that upward price pressures were mainly caused by supply disruptions amid widespread flooding and higher import costs.
The cartel said that there was a significant monetary component behind the inflationary spiral.
“A sustained accumulation of outstanding business suggests that hiring activity could continue in the months ahead. However, the inflationary pressures are suppressing consumption spending, which might weigh on the growth of household volume consumption,” it added.
