Nigeria’s crude oil production declined by 19.6 per cent to an average of 1.52 million barrels per day (mbpd) in the fourth quarter of 2020, compared with the 1.89 mbpd recorded in the fourth quarter of 2019. The Central Bank of Nigeria (CBN) disclosed this in its fourth quarter 2020 economic report. The report revealed that of the 1.52 mbpd produced in the review period, an average of 1.07 mbpd was exported, while the balance was allocated for domestic consumption. The decline in production was as a result of Nigeria’s commitment to the OPEC+ production cuts agreement aimed at supporting the rebalancing of the crude oil market and hence prices. However, Nigeria’s production was expected to increase from January 2021, as OPEC+ agreed to increase total production by 0.50 mbpd by January 2021, until it gradually reaches its two mbpd target agreed at the Declaration of Cooperation (DoC). It […]