Ibekimi Oriamaja Reports
Angola and Libya have maintained their lead over Nigeria as Africa’s top crude oil producers for the second month in a row, according to a report from the Organization of Petroleum Exporting Countries (OPEC).
This was stated by OPEC in its Oil Market Report for the month, which was obtained by reporters in Lagos yesterday.
According to the report, Nigeria’s crude oil production averaged 1.087 million barrels per day in September.
According to the report, the figure increased by about 30,000mb/d when compared to the 1.057mb/d produced on average in August.
However, the report stated that Angola remained Africa’s top crude oil producer for the month under review, with an average production of 1.184mb/d.
According to the report, Libya’s crude oil production averaged 1.152 million barrels per day in September.
“According to secondary sources, total OPEC-13 crude oil production averaged 29.77 million barrels per day in September, up 146,000 barrels per day from the previous month.”
“Crude oil output increased primarily in Saudi Arabia, Nigeria, Libya, and the UAE, while output declined in Iraq, Venezuela, and IR Iran,” according to the report.
According to the report, the latest data indicated that inflation increased to 20.5 percent year on year (y-o-y) in August from 19.6 percent y-o-y in July.
It stated that the recent rate was fueled by domestic and international supply chain constraints, a weakening naira, and higher energy and transportation prices.
“Additionally, floods in the northern part of the country, which have had a significant impact on the grain harvest, may lead to even higher prices.”
“However, given August’s broad money-supply growth of 21% year on year, there is a significant monetary component driving the inflationary spiral.”
“In response, the Central Bank of Nigeria (CBN) recently raised the policy rate by 150 basis points, to 15.5%, for the third time this year, for a total of 400 basis points.”
“The CBN also raised the minimum Cash Reserve Ratio (CRR) to 32.5 percent from 27.5 percent previously, while keeping the liquidity ratio unchanged at 30%.”
“For the time being,” the report said, “the Stanbic IBTC Bank Nigeria Purchasing Manager’s Index increased to 53.7 in September 2022 from 52.3 the previous month.”
It stated that this reflected a steady improvement in overall business conditions as sentiment remained upbeat, bolstered by the outlook for the fossil fuel market.
