Nigeria: Nigerian oil production ticks down in November
Latest reading: Brent crude oil prices averaged USD 61.77 per barrel in December, down 3.0% from November. On 31 December, the commodity traded at USD 60.85 per barrel, down 3.8% from 28 November.
Turning to production, Nigerian oil output ticked down to 1.49 million barrels per day (mbpd) in November from October’s 1.50 mbpd. Consequently, output undershot Nigeria’s OPEC+ quota of 1.50 mbpd.