According to the research, Angola produced 1.06 million barrels per day of crude oil in April 2023. In the meantime, Algeria and Nigeria both registered daily production of 999,000 barrels during the highlighted period in April 2023. Nigeria's output rate in 2023 is at its lowest level ever.
The report noted that Nigeria's economy struggled to pick up steam in 1H23 due to sluggish corporate and consumer expenditure, high input cost inflation, and lower employment levels compared to other African nations.
Recent leading signs, however, point to a potential economic recovery in the months ahead. The Nigerian government postponed the June deadline for ending gasoline subsidies, but it has not yet specified a new date.
The OPEC report also indicated that month-over-month, the total OPEC-13 crude oil output decreased by 191,000 barrels per day (tb/d) to an average of 28.60 million barrels per day (mb/d) in April 2023. While production in Iraq and Nigeria fell, it climbed mostly in Saudi Arabia, Angola, and Iran.
According to OPEC, escalating international tensions will continue to affect global oil consumption in 2023. In its monthly oil market report (MOMR), which was published on May 11, the organization made this claim. According to the research from OPEC, global oil consumption would likely exceed 101.9 million barrels per day (mb/d) in 2023.
The Central Bank of Nigeria maintained the policy rate at 18% after raising it by 50 basis points in March and by 100 points in January. Despite the difficulties, the Stanbic IBTC Bank Nigeria PMI rose sharply in April to 53.8 from only 42.3 in March, suggesting a potential short-term rebound.
