Nigerian 2011 Crude Oil Production Averaged 2.38M B/D -CBN

Nigeria 's oil production rose marginally last year, in spite of constraints imposed by pipeline leakages and oil supply logistics, the Central Bank of Nigeria has said.

Crude oil output rose by 5.78% in 2011 to an estimated average of 2.38 million barrels a day, compared with a 2.25% in 2010, the bank, CBN, said in its monetary, credit, foreign trade and exchange policy guidelines for 2012-13, on its website.

Annual aggregate output of crude oil at end of December 2011 was estimated at 868.7 million barrels, while allocation for domestic consumption remained at 0.445 million barrels per day at end of December 2011, it said.

The average spot price of Nigeria 's reference crude, Bonny Light was $113.73 per barrel in 2011, compared with $80.92 in 2010.

"As the world economy slowly recovers from the lingering impact of the global financial and economic crises, Nigeria 's external sector is expected to grow moderately in 2012-13, as demand for oil picks up cautiously," the CBN added.

Oil is expected to continue its dominance in exports given the sluggish growth in non-oil exports, the bank said.

Nigeria , a major world oil producer, earns more than 90% of its foreign exchange and 80% of government revenue from oil exports per year.

Militants in the Niger Delta, where Nigeria produces the largest percentage of its oil, have again begun attacking and damaging crude oil facilities.