Data from the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report (the “MOMR”) shows Nigeria’s production level declined again in February while Libya increased its production by 56% to take advantage of the Russia-Ukraine war. Nigeria through secondary sources reported a decline to an average of 1.417 million barrels per day in February 2022. While on direct communication, Nigeria’s oil production level drop from 1.399 million per barrel recorded in January to 1.258 million per barrel in February 2022. Nigeria is expected to pump 1.7 million barrels a day in February, with the average price of oil at $97.13, a total of $165.1 million (N68.6 billion) daily. If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Source: Libya Today March 17, 2022 13:02 UTC