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“According to secondary sources, averaged 28.72 mbpd in June 2022, higher by 234,000 barrels per day month-on-month.

“Crude oil output increased mainly in Saudi Arabia, the United Arab Emirates, Iran, Kuwait, and Angola, while production in Libya and Venezuela declined,” the report said.

The report said despite the improvement in fossil fuel prices, the short-term economic outlook for Nigeria was clouded by high inflation, which had reduced private sector optimism and weakened consumer spending.

It said in May 2022, the composite Consumer Price Index rose to 17.7 per cent year-on-year from 16.8 per cent y-o-y in the previous month.

“In response to the elevated inflationary pressures, the Central Bank of Nigeria raised its policy rate by 150 basic points to 13 per cent bringing borrowing costs to the highest since April of 2020.

“It was the biggest rate hike since July of 2016 amid concerns that persistent inflationary pressures could weigh on the country’s fragile recovery.

“Meanwhile, the Stanbic IBTC Bank Nigeria Purchasing Manger’s Index fell to 50.9 in June of 2022 from 53.9 in the prior month, pointing to the weakest improvement in business conditions in Nigeria’s private sector since January of 2021.

“Overall, the above-average fossil fuel prices support a firmly positive outlook for the rest of the year, but concerns over soaring inflation would increase uncertainty next year,” the report added.