In spite of its current struggles, Nigeria’s oil production will hit 1.7 million barrels per day in 2022, a new report by CardinalStone Research, has indicated. Stressing that it expects a forward leap for the industry in 2022, aided by progress across the upstream, midstream, and downstream sub-sectors, the firm stated that in the upstream, oil production is likely to be positively impacted by increased drilling activities and sturdy oil prices. In addition, the firm stated that refinery projects are also slated to reach key milestones in the midstream, headlined by the expected launch of Dangote Refinery in mid-2022. Elsewhere, the report said that the likely extension of petrol price regulation could keep margins mostly flat for downstream marketers while players in unregulated petroleum product markets are likely to remain clear winners. The firm noted that while a $100/bbl looks unlikely in the near term, the answer lies in […]