Chris Agabi
25 December 2007
Abuja — Nigeria's crude oil production, including condensates and natural gas liquids, was estimated at 2.12 million barrels per day (mbd) or 65.72 million barrels in October, compared with 2.10 mbd in September.
This was contained in the Central Bank of Nigeria economic report for the month of October.
According to the report "crude oil export was estimated at 1.67 mbd or 51.77 million barrels for the month, while deliveries to the refineries for domestic consumption remained at 0.45 mbd or 13.95 million barrels."
The average price of Nigeria's reference crude, the Bonny Light (370 API), estimated at US$83.73 per barrel, rose by 4.9 per cent over the level in the preceding month, the report indicated.
The report indicated that inflation rate for October 2007, on a year-on-year basis, was 4.6 per cent, compared with 4.1 per cent recorded in the preceding month. The inflation rate on a twelve-month moving average basis was, however, 5.7 percent, compared with 5.9 per cent in the preceding month.
The development reflected largely the stability in the supply of petroleum products and the harvest of agricultural products.
On World crude oil market, the report said, output in the month of October 2007 was estimated at 85.57 million barrels per day (mbd), while demand was estimated at 86.00 mbd, representing an excess demand of 0.43 mbd, compared with 85.02 and 85.90 mbd supplied and demanded, respectively, in the preceding month.
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