First Half: Oil Output Dropped For Nigeria, Gas Rose

- November 30th, 2012

Crude output from Nigeria, Africa’s top oil producer, fell 2.3 percent in the first half to 382 million barrels as gas production ascended almost 25 percent to 34 billion cubic meters, a central bank report showed.

Crude output from NigeriaAfrica’s top oil producer, fell 2.3 percent in the first half to 382 million barrels as gas production ascended almost 25 percent to 34 billion cubic meters, a central bank report showed.

As quoted in market news:

The increase in federally-collected revenue relative to budget estimate was largely attributed to the rise in oil revenue arising from high crude prices which averaged $115.05 a barrel in the international market.

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