Crude production from Nigeria surged to 195.3 billion barrels in the third quarter 2015. National Bureau of Statistics (NBS), which disclosed this in a new data, added that this has expanded the revenues of the largest economy in Africa at a slightly faster pace in the third quarter.
The gross domestic product rose 2.8 per cent from a year ago, compared with 2.4 per cent in the second quarter and 6.2 per cent in the same period of 2014.
This came as oil output reportedly also jumped to 2.17 million barrels a day from 2.05 million barrels. “The oil industry rose 1.1 per cent in the three months to the end of September, after contracting 6.8 per cent in the previous quarter. While the non-oil industry, which makes up 90 per cent of GDP, increased 3.1 per cent in the third quarter, down from 7.5 per cent a year earlier. “Manufacturing fell 1.8 per cent, the third consecutive quarterly contraction,” the report read.
Meanwhile, this revenue increase in the third quarter may be jeopardised in the fourth quarter following the slump in oil prices, which extended the loss last week to the largest in eight months. Brent, the global benchmark for oil, settled down 45 cents at $43.61 a barrel, as the December contract which served as the frontmonth expired. It lost nearly $4 on the week. US crude finished down $1.01 at $40.74, losing $3.65 on the week.
The International Energy Agency (IEA) said that there was a record three billion barrels of crude and oil products in tanks worldwide.
