The Nigerian Upstream Petroleum Regulatory Commission has revealed that crude oil production in Nigeria rose to 1.235 million barrels per day in December 2022, representing the highest output since March when the country produced 1.237mbpd.
Oil markets have been relatively quiet this week, with muted trading in both Europe and the Americas ahead of Christmas.
Crude oil prices could reach $121 per barrel when China’s economy reopens following a string of Covid-related restrictions, Daniel Yergin, vice chairman of S&P Global, told CNBC.
After months of remaining resilient in the face of heavy western sanctions, the Russian rouble has finally caved in, slumping past 68 per U.S. dollar to a more than seven-month low on Monday, courtesy of plunging crude prices as well as fears that sanctions on Russian oil could hit the country’s export revenue, Reuters reports.
Russia is still considering its response to the $60 price cap on its crude oil, but it is close to completing the work on the countermeasures, Kremlin spokesman Dmitry Peskov said on Monday.
Oil prices rose on Monday after tumbling by more than US$2 a barrel in the previous session as optimism over the Chinese economy outweighed concern over a global recession.
Nigeria recorded a shortfall in crude oil production totalling 6.9 million barrels per day (bpd) between January and November, 2022.
EU ministers have agreed a plan to cap the price of gas, ending months of argument over how to handle the cost of soaring energy prices after Russia cut gas supplies to Europe.
Russia has announced a major cut in the oil export levy in January following the introduction of a price cap on its crude oil by G7 countries and Australia.
Despite successfully filling its gas storage ahead of winter this year, Europe’s energy crisis is far from over. The situation for Europe could, in fact, be worse next winter when Russian pipeline gas supply will be down to a trickle, at best.