Nigeria has regained its position, overtaking Libya, as Africa's largest oil producer.
Condensate is a mixture of light liquid hydrocarbons, similar to a light crude oil. It is usually separated from a natural gas stream at the point of production when the temperature and pressure of the gas are dropped to atmospheric conditions.Meanwhile, OPEC said although Nigeria’s economy faced multiple challenges in previous months, it would rebound in the second half of 2023.
“Nigeria’s economy grew by 2.4 percent year-on-year in the first quarter of 2023 , after growth of 3.6 percent y-o-y in Q4 2022,” OPEC said. “Slowing growth in the services sector, slowing crude oil output, and a deceleration in manufacturing and farming industries are among the most important issues.“Additionally, the economy is further burdened by ongoing high inflation and import restrictions.
“As a consequence, business activity and consumer spending remain subdued. Inflation data for April show an ongoing acceleration, with an annual rate of 22.2 percent y-o-y, up from 22 percent y-o-y in March. Food inflation has been a key factor in this rise, reaching 24.6 percent y-o-y in April, following a rise of 24.5 percent y-o-y in March.”Consequently, the alliance said the Central Bank of Nigeria lifted the key policy rate to 18.
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