Nigeria rises in the international oil producer rankings by OPEC, now number one Africa’s top oil producer after massive crude oil theft was addressed, OPEC has revealed in its latest report.
Recall that increasing crude oil theft has in the last few months affected Nigeria’s production
This compelled the NNPC to hire private security, which appears to be working as Nigeria rises in the international oil producer rankings
The Organisation of Petroleum Exporting Countries (OPEC) has announced that Nigeria has regained its spot from Libya as Africa’s largest oil producer
OPEC stated this in its Oil Market Report for December 2022.
According to the report, Nigeria’s oil production from secondary sources average of 1.158 million barrels per day in November 2022 to regain the top spot in Africa ahead of Libya’s 1.31 mb/d in November 2022.
The report also showed oil production figures by direct communication(which is the official figure submitted by NNPC) Nigeria’s oil production increased to 1.186 million per barrel a day.
According to Statista the crude oil price in the month of November averaged $82.86 per barrel.
When the 1.18 million barrels per day is calculated this means in 30 days Nigeria produced $97 million daily or $2.9bn(N1.2 trillion) within the month, worth of crude oil.
“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. Crude oil output increased mainly in Nigeria and Angola, while production in Saudi Arabia, the UAE, Kuwait and Iraq declined.”
Africa’s oil producers’ secondary communication figures daily production
Nigeria- 1.158 million (From 4th in October 2022)
Libya- 1.133 million
Angola- 1.102 million
Algeria- 1.022 million
Equatorial Guinea- 69,0000
Global-ranking oil producers
Saudi Arabia- 10.474 million
UAE- 3.037 million
Kuwait- 2.685 million
Iraq- 4.465 million
IR Iran- 2.559 million
Nigeria- 1.158 million(improvement from 8th in October 2022)