Nigeria has witnessed a 2.97 per cent rise in oil production in January 2016, compared to December last year
The country’s crude oil and condensate production for the first month was 66.49mn barrels with an average daily production of 2.14mn bpd.
According to a report by FSDH Merchant Bank Limited, when compared to December 2015, this represents an increase of about 2.97 per cent.
Joint ventures (JVs) and production sharing contracts (PSC) contributed about 29.89 per cent and 42.84 per cent respectively to the January 2016 production level.
According to the data from Thomson Reuters, the Bonny Light oil price increased by 4.75 per cent to US$38.37 per barrel at the end of March 2016, compared to the end of February. However, the average price of Bonny Light was US$38.91 per barrel last month, an increase of 17.8 per cent from the average price of US$33.03 per barrel recorded in February 2016.
The FSDH monthly economic report for March 2016 pointed out that the foreign exchange restrictions put in place by the Central Bank of Nigeria continued to insulate the external reserves from a sharp draw down from excessive demand in March 2016.
This also marks a marginal increase of 0.14 per cent in the external reserve increased at end of March 2016, when compared with the end-February figure.