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2016-11-22 18:40:00

NIGERIA INTO RECESSION

NIGERIA INTO  RECESSION

PLATTS wrote, the Nigerian economy shrank further by 2.24% year-on-year in the third quarter on the back of a slump in oil production, the country's economic mainstay, according to government figures Monday.

Nigeria, which was Africa's largest oil producer until a few months ago, slipped into recession after its economy shrank by 2.06% in Q2, as the impact of militant attacks on oil facilities weighed on the country's economy.

Data released on Monday by the National Bureau of Statistics showed that Nigeria's oil production averaged 1.63 million b/d in Q3, lower than the average 1.69 million b/d output in Q2, and 25% lower than the 2.17 million b/d production a year ago.

"As a result, real growth of the oil sector slowed by 22.01% (year-on-year) in the third quarter of 2016. As a share of the economy, the oil sector contributed 8.19% of total real GDP, down from figures recorded in the corresponding period of 2015 and the preceding quarter of 2016 recorded at 10.27% and 8.26% respectively," the government agency said.

Nigerian oil output has fallen sharply this year as renewed militancy in the oil-rich Niger Delta region resurfaced after some years of relative calm.

Production was slashed from 2.2 million b/d earlier in the year after militants continued to bomb facilities, and at one point this year left four Nigerian crude export grades -- Bonny Light, Brass River, Forcados and Qua Iboe -- under force majeure.

The attacks have continued even with the government trying to reach a peace deal with militants and activists in the Niger Delta following Nigerian President Muhammadu Buhari meeting with leaders around three weeks ago.

Local media reported on Monday Buhari appealing to the militants to halt the attacks on oil facilities, and pledging his administration's commitment to improving the economic and social infrastructure in the region.

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Earlier: 

NIGERIA'S OIL SETTLEMENT: $5.1 BLN 

NIGERIAN OIL WILL UP TO 3 MBD 

NIGERIA'S OIL PRODUCTION UP TO 1.9 MBD 

NIGERIAN OIL FIRE 

NIGERIA MAY LOSE $25 BLN

 

 

 

Tags: NIGERIA, OIL, PRODUCTION,

Chronicle:

NIGERIA INTO  RECESSION
2018, September, 19, 13:43:00

ЦЕНА URALS: $74,45568

МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 августа по 14 сентября 2018 года составила $74,45568 за баррель, или $543,5 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 октября 2018 года повысится на $7,5 и составит $137,5 за тонну.

NIGERIA INTO  RECESSION
2018, September, 19, 13:39:00

SAUDIS OIL PRODUCTION: 10.42 MBD

PLATTS - Saudi production has since risen to 10.42 million b/d in August, the country reported to OPEC in the organization's most recent monthly oil market report. Saudi Arabia's crude oil stocks, which have been declining steadily over the last three years, fell to 229.41 million barrels in July, down 11.4% since May 2017, the JODI data showed.

NIGERIA INTO  RECESSION
2018, September, 19, 13:35:00

U.S. PRODUCTION: OIL + 79 TBD, GAS + 961 MCFD

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 79,000 b/d month-over-month in October from 7,515 to 7,594 thousand barrels/day , gas production to increase 961 million cubic feet/day from 72,127 to 73,088 million cubic feet/day .

NIGERIA INTO  RECESSION
2018, September, 19, 13:30:00

U.S. - CHINA SANCTIONS: $60 BLN

REUTERS - Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.

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