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Tag: Oil Producing State

  • Nigeria regains top crude oil production spot in Africa – OPEC

    Nigeria regains top crude oil production spot in Africa – OPEC

    Nigeria has regained the top spot among crude oil-producing countries in Africa with the nation’s crude oil production averaging 1.27 million barrels per day in November.

    The Organisation of the Petroleum Exporting Countries (OPEC) made this known in its Oil Market Report for December which was obtained by the News Agency of Nigeria (NAN) on Monday in Lagos.

    The report said the figure showed an increment of 47,000 barrels per day when compared to the 1.228 mb/d produced averagely in the month of October 2021.

    Libya, which clinched the top spot in Africa in October with 1.24 mb/d declined to 1.211 mb/d in November.

    “According to secondary sources, total OPEC-13 crude oil production averaged 27.72 mb/d in November
    2021, higher by 0.29 mb/d Month on Month.

    ” Crude oil output increased mainly in Saudi Arabia, Iraq and Nigeria, while
    production in Angola, Libya and Congo declined,” the report said.

    The report said the near term outlook of Nigeria economy was hindered by the elevated inflationary and labour market
    pressures.

    According to the report, the improvement in oil prices still supported the economic recovery.

    The inflation rate, the report showed, eased to 15.99 per cent in October 2021, from 16.63 per cent in September marking the lowest rate since last December, largely
    due to a sustained moderation in food prices.

    “On a monthly basis, consumer prices increased by 0.98 per cent
    following a 1.15 per cent rise in the previous month.

    “The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index reflected a solid expansion in business conditions despite the ongoing overall prices increase as it rose to a four-month high of 55 in November, up from 54.1 per cent in October. “

  • Senate rejects motion seeking to recognise Kogi as oil producing state

    The Senate on Wednesday rejected a motion seeking recognition for Kogi State as an oil producing state.

    The motion was rejected following observations by senators at plenary that the Senate lacked the powers to declare any state as oil producing entity through a mere motion.

    Senator Isaac Alfa who moved the motion, however refused to withdraw it despite persuasion from his colleagues to do so, saying, “I have moved the motion and I am not ready to withdraw it”.

    Senator Alfa moved the motion following what he described as restiveness in border communities contiguous to Kogi, Enugu and Edo states.

    The Senate urged governors of the three states and other stakeholders to resolve the communal crises in their various communities.

    It also called on the Federal Government urged to direct the National Boundary Commission to its report on the determination of the boundaries contiguous to OPLs 915 & 916.

    It’s the quest for derivation from oil resources in the OPLs 915/916 that has continued to trigger communal clashes in the communities.

    The lawmakers similarly appealed to the Federal Government and governments in the affected states to ensure that the displaced persons in the communities are allowed to return to their homes and adequate compensation paid to them.