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Nigeria records 1.35million bpd oil production in September, highest in 2023

Published

1 year ago

October 12, 2023

Figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) released Wednesday show that the country’s crude oil output rose to 1.35 million barrels per day in September, highest in 2023.

The rise means Nigeria pumped its highest volume of crude oil so far this year in September which was about 14 per cent higher than what it pumped in the preceding month of August 2023.

According to data from the commission, Nigeria produced exactly 1,346,562 barrels per day of crude oil in September (excluding condensates), up 165,429 barrels per day from the 1,181,133 barrels per day produced in August of this year.

According to additional examination of data collected from the NUPRC, the nation produced 1,266,659 bpd, 1,292,240 bpd, and 1,266,737 bpd of oil in January, February, and March, respectively, while it generated 1,004,392bpd, 1,189,332bpd, 1,260,928bpd, and 1,089,089bpd in April, May, June, and July, respectively.

The September rise is a big positive for the West African country which is in a critical financial state as its economy largely depends on crude oil, and its revenues have been greatly affected by oil theft that has been on the rise.

According to the Nigerian Extractive Industries Transparency Initiative (NEITI), the country lost 619.7 million barrels of crude oil valued at N16.25 trillion ($46.16 billion) to theft between 2009 and 2020.

Meanwhile, in another development, NUPRC’s Chief Executive, Gbenga Komolafe, told journalists on Wednesday on the sidelines of Africa Oil Week in Cape Town that it was very optimistic that Exxon Mobil’s asset sale to Seplat Energy could move forward.

The $1.28 billion sale, which some in the industry said was crucial to attracting much-needed investment into Nigeria’s oil and gas sector, was rejected by the regulator last year.

“We are very optimistic that parties to the transaction will go back, look at the position of the regulator and come back by abiding by the provisions of Nigerian laws and the right thing will be done,” Komolafe stated.

Related Topics:crude oil Featured Nigeria Oil production

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”