Country’s Q3 oil output dipped to 1.57 milli9n barrels
Nigeria, Africa’s biggest crude exporter, has suffered a production deficit of 9.2 million barrels in the third quarter of 2021.
The country recorded an avarage daily crude oil Production of 1.57 million in the three months of July, August and September compared to 1.67 million barrels daily production in the previous quarter.
Checks by Platforms Africa show that this daily deficit of 100,000 barrels amounts to 9.2 million barrels in the 92 days that made up the three months.
“The nation in the third quarter of 2021 recorded an average daily oil production of 1.57 million barrels per day (mbpd),” a document of the National Bureau of Statistics (NBS) confirmed the production dip..
READ ALSO: Embattled A.B.C Orjiako Resigns As Seplat Energy Chairman
S’African Airways Resumes Jo’burg-Lagos Flight Dec. 12, Ends 1-Year Drought
Oil Minister confirms Platforms Africa Exclusive News on DPR, PPPRA, PEF scrapping, CEOs’ sack
“This is 0.10 mbpd lower than the daily average production of 1.67mbpd recorded in the same quarter of 2020. And 0.05mbpd lower than the second quarter 2021 production volume of 1.61mbpd,” the document showed.
According to the records from the NBS, the real growth of the oil sector was –10.73 percent (year-on-year) in the third quarter of 2021 indicating an increase by 3.16 percent points relative to rate recorded in the corresponding quarter of 2020. Growth increased by 1.92 percent points when compared to second quarter 2021 which was –12.65%.
The NBS record showed that quarter-on-quarter, the oil sector posted a growth rate of 12.05 percent in third quarter 2021.
Meanwhile the Oil sector contributed 7.49 percent to total real GDP in third quarter 2021, down from figures recorded in the corresponding period of 2020 and up compared to the preceding quarter, where it contributed 8.73 percent and 7.42 percent respectively.
