By Sunday Elom
The Organization of Petroleum Exporting Country (OPEC), has said that Nigeria’s crude oil production increased by about 2.55 million barrels in November 2021. The cartel also said that Nigeria’s oil production increased from 85,000 barrels to 1,420,000 barrels daily in the y same month.
OPEC’s records against Nigeria in the month under review, which is contained in the organization’s December oil market report, increased from the 1,335,000 barrels the country produced daily in October 2021.
The December 2021 monthly oil market report, which consisted of the OPEC’s 13-member nation, indicated that Nigeria produced 1,365,000 and 1,335,000 barrels of crude oil daily in September and October 2021 respectively.
However, OPEC report stated that due to global concerns over the emergence of COVID-19 new variant, Omicron and easing of the energy crunch which had resulted in higher oil demand from the gas-to-oil switching, crude oil spot prices declined in November.
According to OPEC Reference Basket (ORB), crude oil value dropped by $1.74, or 2.1 percent in November to an average of $80.37 per barrel, amid lower prices of almost all medium and heavy sour grades in Asia, Europe, and the US.
The report noted that while the year-to-date ORB value of last year (2020) recorded $40.75 per barrel, it attained $69.45 per barrel, which was $28.71, or 70.4% at the same period this year.
But OPEC has insisted that its oil forecast for 2022 remains unchanged at 4.2 million barrels per day. The global oil organization added that some of the recovery expected in the fourth quarter of 2021 has been shifted to the first quarter of 2022, adding that this would be followed by a more steady recovery throughout the second quarter of 2022.
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