Nigeria was once more unable to meet its oil production allocation by the Organisation of Petroleum Exporting Countries (OPEC) in January. The country was only able to pump 1.46 million barrels per day of the expected 1.683 million bpd in January. Although it achieved an improvement of 50,000 bpd on its 1.41 million bpd production in December 2021, the African continent’s biggest oil producer remained far from meeting its target. When the OPEC allocation for the month was deducted from the actual oil produced, Nigeria in January lagged behind by as much as 223,000 bpd in the first month of the year. But oil prices continued to rally yesterday, with a 17 per cent jump in January, the strongest January performance in a long time, as the expected global supply struggled to keep up with rebounding demand. Brent and WTI benchmarks recorded their highest levels since October 2014 last […]