Fakoyejo OlalekanNigeria reclaimed its top spot as Africa’s largest oil producer in November, after relinquishing the position to Libya in the third quarter of this year.
According to the latest oil market report for December 2022 released by Organization of Petroleum Exporting Countries (OPEC), Nigeria produced 1.18 million barrels per day.
This figure was determined based on direct communication, but secondary sources revealed that Nigeria produced 1.158 million barrels per day in November.
Note that the African country had lost the top spot in September after crude oil production dropped below one million, making the 1.18 million barrels per day the highest on record in seven months.
Nigeria produces $3.09 billion worth of crude oil
Based on the 1.18 million barrels per day, Nigeria produced $3.09 billion worth of crude in November, which is $97 million per day when pegged at an average crude oil price of $87.
OPEC revealed the closest to Nigeria is Libya’s 1.31 million barrels per day, but only Nigeria and Angola increased their production, while on the global space, Saudi Arabia, the United Arab Emirates (UAE), Kuwait, and Iraq recorded a decline in production output.
“According to secondary sources, total OPEC-13 crude oil production averaged 28.83 mb/d in November 2022, lower by 744 tb/d m-o-m,” the oil cabal said in their report.
The oil market report for December also reads, “Crude oil output increased mainly in Nigeria and Angola, while production in Saudi Arabia, the UAE, Kuwait, and Iraq declined.”
Meanwhile, Nigeria’s crude oil export fell by 21.2 per cent in the third quarter to N4.66 trillion. This is below the N5.91 trillion recorded in the second quarter.
Also, according to the Chief Upstream Investment Officer at the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, Nigeria loses 700,000 barrels of crude oil per day to oil theft and sabotage. As a result, about Nigeria loses about $54.7 million daily or $1.64 billion monthly.
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