Nigeria’s crude oil production has declined to an average of 1.417 million barrels per day in February 2022, the Organisation of the Petroleum Exporting Countries (OPEC) has said.

OPEC made this known in its Oil Market Report for March 2022.

The report said the figure showed a decrease of 10,000 barrels per day when compared to the 1.427mb/d produced averagely in the month of January 2021.

“According to secondary sources, total OPEC-13 crude oil production averaged 28.47 mb/d in February 2022, higher by 0.44 mb/d Month-on-Month.

“Crude oil output increased mainly in Saudi Arabia and Libya, while production in Nigeria and Equatorial Guinea declined,” the report said.

The report noted that Nigeria’s Gross Domestic Product grew about 4.0 per cent in fourth quarter of 2021, which was the fifth consecutive quarter of economic expansion.

It said this was amid the ongoing recovery from the pandemic effects that dragged down the country’s main economic activities.

The report said the increasing oil price might provide ample support for the Nigerian economy but that the disruption to global trade flows and supply shortages could offset this positive impact.

The Star