OPEC: Nigeria Retains Position As Africa’s Top Crude Oil Producer
Nigeria retained the top spot in crude oil production in Africa for December 2022. According to the latest monthly oil market report by the Organisation of Petroleum Exporting Countries (OPEC) released yesterday, using OPEC crude oil production based on direct communication, Nigeria produced 1.186 million barrels per day of crude in November while in December it produced 1.235mbpd, which is an increase of 50,000 bpd. But using OPEC crude oil production based on secondary sources, Nigeria produced 1.175mbpd in Nov and 1.267mbpd in Dec, representing an increase of 91,000bpd.
Though Nigeria’s oil production has increased, the country is yet to meet its oil supply quota by the Organisation of Petroleum ExportingCountries(OPEC), which is 1.84 million barrels per day (mbpd). Nigeria had in the past few months consistently underproduced before the output started increasing. Nigeria’s crude oil productionfigureinJanuary 2022 was 1.39 million bpd, which was the highest in the year.
However, oil production decreased to 1.25 million bpd, in February; 1.24 million bpd in March; 1.22 million bpd,in April; and 1.02 million bpd in May. It rose to 1.15 million bpd in June but declined to 1.08 million bpd in July. In August, production supply was an all-time low of 972,394 bpd. It further dimmed to 937,766 bpd in September.
It, however, rose to 1,014,485 in October. The increase underscored the fact that the fight against crude theft and pipeline vandalism had started yielding positive results. The Federal Government and the Nigerian National Petroleum Company Limited (NNPCL) had intensified the fight against oil theft by adopting modern technologies as well as energised security agencies. NNPCL also awarded a N48 billiion yearly surveillance contract to Tantita Security Services Nigeria Limited, a company, a former leader of the Movement for the Emancipation of Niger Delta, High Chief Government Ekpemupolo, popularly known as Tompolo, has interest in.
The efforts led to the recent discovery of illegal crude oil pipelines installed by oil theft cartels. OPEC said: “According to secondary sources, total OPEC-13 crude oil production averaged 28.97 mb/d in December 2022, higher by 91 tb/d m-o-m. Crude oil output increased mainly in Nigeria, Angola, Libya and Venezuela, while production in Kuwait, Congo and Algeria declined.” According to OPEC’s crude oil production based on direct communication, Algeria produced 1.060m in Oct; 1.021mbpd in Nov and 1.009mbpd in Dec, which is a decrease of 12,000bpd. Angola, 1.0519mbpd (Oct), 1.088mbpd (Nov) and 1.088mbpd in Dec. Iraq 4.651mbpd (Oct); 4.430mbpd (Nov); and 4.431mbpd (Dec), an increase of 1,000bpd. Kuwait, 2,811mbpd (Oct); 2.676mbpd (Nov) and 2.676mbpd (Dec). Saudi Arabia, 9.957mbpd (Oct); 10.468mbpd (Nov) and 10.435mbpd (Dec) a decrease of 32,000bpd and United Arab Emirate, 3.188mbpd (Oct); 3.047mbpd (Nov) and 3.043mbpd (Dec), a decrease of 4,000bpd.