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The Organisation of Petroleum Exporting Countries has said that world oil demand in 2023 is still dependent on rising global tensions. The group stated this in its monthly oil market report released on May 11. In the report, OPEC stated that total world oil demand is anticipated to reach 101.9 million barrels per day in 2023. But a part of the report states: “However, this forecast is subject to many uncertainties, including global economic developments and ongoing geopolitical tensions.
Tax advisory, KPMG Nigeria, recently advised the Nigerian government to look for ways to increase its oil revenues. However, the country losing its top African oil producer status to Angola in April 2023, does not restore confidence that the oil sector will perform well in the second quarter of 2023, at the very least.
In 2022, several oil and gas companies as well as crude producing countries made gains from higher oil prices due to the Russia-Ukraine war. But Nigeria was unable to gain from the price rally because of crude oil theft which were unreasonably high in 2022, making the country lose up to 700,000 barrels per day, according to the Nigerian National Petroleum Company Limited.
In the MOMR by OPEC, it was stated that Nigeria’s economy faced challenges in gaining momentum in the first quarter of 2023, with business activity and consumer spending remaining subdued, in addition to high input-cost inflation and lower employment levels compared with 2022.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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