Nigeria emerges country with the most oil production in Africa

• The OPEC Reference Basket worth fell by 6.8% period connected period successful April, averaging $68.98 per barrel, driven by little prices crossed each crude lipid benchmarks
• Despite caller tariff developments, the planetary system is expected to turn steadily, with Nigeria’s system remaining resilient owed to exemptions connected state and lipid exports
• African lipid accumulation saw varied output past month, with astir countries producing less, but for Congo, which remained steady

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The OPEC Reference Basket (ORB) worth decreased by $5.02, oregon 6.8%, period connected period successful April to mean $68.98 per barrel, according to the Organisation of the Petroleum Exporting Countries' (OPEC) astir caller monthly lipid report.

Global lipid request is expected to summation by 1.3 cardinal barrels per time annually successful 2025. Photo Credit: FG, Contributor
Source: UGC

Every ORB component’s terms dropped successful enactment with the benchmarks for crude oil.

The diminution was besides influenced by little authoritative selling prices for the bulk of components successful the 3 large marketplaces.

The ORB worth was $74.82 per tube truthful acold this year, representing a alteration of $8.85, oregon 10.6%, compared to the erstwhile year.

“West and North African Basket components – Bonny Light, Djeno, Es Sider, Rabi Light, Sahara Blend and Zafiro – fell by an mean of $4.77, oregon 6.7%, period connected month, to $66.85 per barrel, and multiple-region destination grades – Arab Light, Basrah Medium, Iran Heavy and Kuwait Export – decreased connected mean by $5.11, oregon 6.8%, period connected month, to settee astatine $69.89 per barrel,” the study states. “Murban crude fell by $4.90, oregon 6.7%, period connected period connected mean to settee astatine $67.73 per barrel. The Merey constituent decreased by $4.38, oregon 7.2%, period connected month, to settee astatine $56.72 per barrel,” it adds.

The probe besides emphasises however the planetary economy is inactive expanding gradually contempt caller tariff developments.

While the maturation prognosis for 2026 remains astatine 3.1%, the planetary economic maturation forecast for 2025 has been reduced to 2.9%.

Furthermore, according to past month’s forecast, planetary lipid request is expected to summation by 1.3 cardinal barrels per time annually successful 2025.

The satellite system is expected to turn contempt caller tariff-related adjustments, and this inclination is communal for Nigeria, Africa’s largest lipid producer.

Recent US tariffs are not anticipated to person a important interaction connected Nigeria’s system due to the fact that of exemptions for state and lipid exports and the country’s constricted commercialized with the US.

“The April 2025 Stanbic IBTC Bank Nigeria PMI eased somewhat to 54.2 from a one-year precocious of 54.3 successful March, but inactive marked the 5th consecutive period of enlargement successful the backstage sector.

Output maturation accelerated to its fastest gait since January 2024, portion employment roseate for the 5th consecutive period to an eight-month high, arsenic firms responded to stronger demand,” the OPEC study states.

“However, rising earthy worldly costs and currency depreciation pushed input prices higher, starring to a further uptick successful output charges."Although assurance weakened for the 3rd consecutive month, businesses maintained their optimism astir the twelvemonth up contempt these inflationary pressures,” it says.

Photo Credit: Contribution
Source: Getty Images

According to OPEC’s report, these are the African nations that produced the astir lipid past month, measured successful 1000 barrels per time (tb/d).

Rank	Country	DoC crude lipid accumulation based connected secondary sources, tb/d	Change betwixt April and March
1.	Nigeria	1,471	-28
2.	Libya	1,263	-14
3.	Algeria	912	-1
4.	Congo	260	0
5.	Gabon	222	-1

Every different state connected the database produced little oil, with the objection of Congo, which plateaued astatine zero, conscionable similar past period erstwhile it was the lone 1 to grounds an increase.

FG grants support for caller lipid task

Legit.ng reported that All indispensable regulatory licences for the Kolmani Integrated Development Projects person been approved by President Bola Ahmed Tinubu.

According to the Nigerian National Petroleum Company Limited (NNPCL), lipid exploration volition resume astatine the project, which is situated betwixt Bauchi and Gombe states.

The announcement was made during the groundbreaking ceremonial for the imperishable tract of the Bauchi Oil and Gas Academy, Alkaleri (BOGAA), by Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil).

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Source: Legit.ng