Headlines
Nigeria Produced 558,000 Barrels Less Oil in April Compared with March, Says OPEC
By Derrick Bangura
Again, Nigeria failed to ramp up crude oil production despite all the sloganeering by the various agencies of government, producing 558,000 barrels of the commodity less in April, compared with March.
The Organisation of Petroleum Exporting Countries (OPEC), which made this known in its Monthly Oil Market Report (MOMR) for May, noted that in April the country under-produced 18,000bpd versus the previous month of March based on direct communication.
For several months, Nigeria has failed to meet its OPEC quota, blaming massive oil theft, inability to restart oil wells shut down in the wake of the Covid-19 pandemic, lack of investment as well as community issues.
In the report which was released thursday by the Sanusi Barkindo-led organisation, it noted that whereas Nigeria drilled 1.238 million barrels per day in March, in April it fell to 1.219 million barrels.
This was also a far cry from February’s production figure which was 1.258 million barrels per day and the first quota’s average production which was pegged at 1.299 million barrels per day.
In the same vein, OPEC stated that while Nigeria’s private sector has continued to gain momentum this year, with the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) rising to 55.8 per cent in April from 54.1 per cent in March, yet rising insecurity might still pose a challenge and weigh on economic activities.
In addition, OPEC listed domestic supply chain disruptions, localised food shortages and inflationary pressures – driven by both local and global factors as problems that the country needs to tackle.
Meanwhile, slower global economic growth, China’s fight against Covid-19, and the Russian invasion of Ukraine has prompted OPEC to slash for a second month running its global oil demand growth estimate for 2022.
OPEC revised down its forecast for global economic growth and said oil demand would grow by 310,000 barrels per day less than the growth anticipated in the April report.
Back in April, OPEC slashed its oil demand growth estimate for 2022 by 480,000 bpd on the back of lower expected global economic growth with the Russian war in Ukraine and the return of COVID lockdowns in China.
In this month’s report, the cartel cut its world economic growth estimate to 3.5 per cent from 3.9 per cent having revised down in April its global growth forecast to 3.9 per cent from 4.2 per cent.
“The upside potential to the current forecast is quite limited. However, it may come from a solution to the Russia and Ukraine situation, fiscal stimulus, where possible, and a fading pandemic, in combination with a strong rise in service sector activity,” OPEC projected.
Concerning the global oil demand, OPEC forecast a growth of 3.36 million bpd in 2022 compared to 2021, down by 310,000 bpd from last month’s estimate.
Yet, overall, global oil demand is still set to average above 100 million bpd this year, at 100.29 million bpd, per OPEC’s latest forecast.
The second-quarter demand estimate was revised down by a massive 670,000 bpd to 98.44 million bpd, but average global oil demand is set to exceed the 100 million bpd mark in the third and fourth quarters, with Q4 demand seen at 102.64 million bpd, OPEC stated
President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
Tinubu arrives Katsina to receive Buhari’s body for burial
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader
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