Oil Price Hits $90 Per Barrel For First Time Since 2014

Between January and November 2021, Nigeria produced 440.774 million barrels of crude oil worth almost N12.4 trillion, according to a study of the most recent oil production figures given by the Federal Government.

According to a document on Crude Oil and Condensate Production for 2021 acquired from the Nigerian Upstream Petroleum Regulatory Commission on Tuesday, the Federal Government earned almost N12.4 trillion from crude oil sales alone during the review period.

It was discovered that oil output fluctuated during the 11-month period, reaching a peak of 44.287 million barrels in March and a low of 37.405 million barrels in September.

In January, February, April, May, and June, production levels were 42.195 million barrels, 39.869 million barrels, 41.17 million barrels, 41.679 million barrels, and 39.4 million barrels, respectively.

The country’s crude oil output levels in July, August, October, and November were 41.026 million barrels, 38.406 million barrels, 38.06 million barrels, and 38.247 million barrels, respectively.

According to Statistica, a worldwide statistics agency, the average monthly price of a barrel of Brent, the crude against which Nigerian oil is priced, was $54.77, $62.28, $65.41, and $64.81 in January, February, March, and April 2021, respectively.

The average prices in May, June, July, and August 2021 were $68.53, $73.16, $75.17, and $70.71 per barrel, respectively.

Brent per barrel average monthly prices were $74.49, $83.54 and $81.54 in September, October, and November, respectively.

During that time, the country’s official currency rate was roughly N400 to the dollar. It remained over N400/$ from May to November 2021, after hovering around N379/$ earlier in the year.

Meanwhile, the Organization of Petroleum Exporting Countries forecasted a modest pace of economic recovery this year, noting that oil would be critical to this expansion.

OPEC expressed optimism that the oil industry will make progress in 2022, but noted that the obstacles faced by the Omicron form of COVID-19 had been difficult.

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