Nigeria’s Crude Oil Production Standard 1.238m bpd In June – OPEC
- Reason Jonathan Stopped Attending PDP Meetings — Clark
- ASUU Strike: ASUU Responds to Buhari On ‘Enough Is Enough’ Statement
- ASUU urges Buhari to meet with Briggs led-re-negotiation committee
- Afenifere Leader Dumps Tinubu, Supports For Peter Obi In 2023
“According to secondary sources, averaged 28.72 mbpd in June 2022, higher by 234,000 barrels per day month-on-month.
“Crude oil output increased mainly in Saudi Arabia, the United Arab Emirates, Iran, Kuwait, and Angola, while production in Libya and Venezuela declined,” the report said.
The report said despite the improvement in fossil fuel prices, the short-term economic outlook for Nigeria was clouded by high inflation, which had reduced private sector optimism and weakened consumer spending.
It said in May 2022, the composite Consumer Price Index rose to 17.7 per cent year-on-year from 16.8 per cent y-o-y in the previous month.
“In response to the elevated inflationary pressures, the Central Bank of Nigeria raised its policy rate by 150 basic points to 13 per cent bringing borrowing costs to the highest since April of 2020.
“It was the biggest rate hike since July of 2016 amid concerns that persistent inflationary pressures could weigh on the country’s fragile recovery.
“Meanwhile, the Stanbic IBTC Bank Nigeria Purchasing Manger’s Index fell to 50.9 in June of 2022 from 53.9 in the prior month, pointing to the weakest improvement in business conditions in Nigeria’s private sector since January of 2021.
“Overall, the above-average fossil fuel prices support a firmly positive outlook for the rest of the year, but concerns over soaring inflation would increase uncertainty next year,” the report added.
This post can be helpful to somebody else, please share it on Facebook, Whatsapp, Telegram and Twitter. There are buttons below for this (easy to use too)!
Contents on this website may not be republished, reproduced, redistributed either in whole or in part without due permission or acknowledgment.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).
We publish all contents with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us at [firstname.lastname@example.org] to file a complaint and we will take necessary actions immediately.
🤑 Start making money from home today!
👉 Get correct FREE TIPS and Guides on how to make money from home today. Click here to start
👍Advertise your business here!
With over 1M unique users per month across all channels, we have a large audience for you to showcase your products and services. Simply get in touch via 👉 marketing@Infoguidenigeria.com.
🤑 Make Money now!
👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.
👉 Make Money as InfoGuideNigeria Advertising Agents, read more here