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Nigeria Commodities October 2023

Nigeria: Nigerian oil output rises to highest level since April 2021 in October

Brent Crude Oil averaged USD 88.95 per barrel in October, down 4.0% from September’s price. On 31 October, the commodity traded at USD 87.54 per barrel, 8.2% lower than on the same day of the previous month. The decline was chiefly driven by a selloff in early October amid concerns surrounding the health of the global economy. Prices regained some ground following the onset of the Israel-Hamas conflict.

Turning to production, Nigerian oil output rose to 1.42 million barrels per day (mbpd) in October, the highest level since April 2021, from September’s 1.40 mbpd.

In other news, in early November, the state-controlled oil company launched Nembe, a new crude oil grade. The new blend has a low sulphur content and a low carbon footprint. These are highly demanded attributes in the European market, boding well for Nigerian exports of crude oil ahead.

Oil output is seen rising in 2024 for the second consecutive year thanks to improved security in the Niger Delta. This, in turn, should help boost the production of fuel in the country as the recently-opened Dangote refinery increases its output; the new refinery is expected to turn Nigeria into a net exporter of fuels ahead after years of being almost completely reliant on imports. Renewed turmoil in the Niger Delta poses the key downside risk to crude oil production ahead.

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