Nigeria’s Crude Oil Production Drops To 1.417mbpd In February – OPEC

Published

4 years ago

March 15, 2022

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

OPEC made this known in its Oil Market Report for March 2022, which was obtained by the News Agency of Nigeria ( NAN) on Tuesday in Lagos.

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 annual inflation rate stood at 15.6 per cent in January 2022, almost unchanged from the previous month.

“On a monthly basis, consumer prices were up 1.47 per cent, following a 1.82 per cent increase in the previous month.

“Higher food costs related the geopolitical tensions could further fuel inflation.

“Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index surged to 57.3 in February from 53.7 in the previous month, as the non-oil private sector expanded the most since November 2019.”

It 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.

Naira Extends Appreciation Against US Dollar

Published

6 hours ago

January 8, 2026

Editor

The naira extended appreciation against the dollar at the official foreign exchange market on Wednesday.

The Central Bank of Nigeria’s data showed that the Naira further firmed up on Wednesday to N1,418.26 per dollar, up from N1,419.07 exchanged on Tuesday.

Wednesday’s uptrend represents a slight N0.80 gain against the dollar on a day-to-day basis.

Meanwhile, at the black market, the Naira remained unchanged against the dollar at N1,480 per dollar on Wednesday, the same rate recorded the previous day.

The development comes as Nigeria’s foreign reserves further rose to $45.62 billion as of January 6th, 2026.

Recall that on Tuesday, the Naira posted a N10.24 gain against the dollar.

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

2 days ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

NNPCL Reduces Fuel Price Again

Published

3 days ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.