Nigeria emerges Africa’s highest crude oil producer for November 2022

According to the most recent production data, Nigeria recovered the top spot as Africa’s largest crude oil producer in November 2022.

Data from the Organization of Petroleum Exporting Countries (OPEC) recently issued Monthly Oil Market Report (MOMR) to support this (OPEC).

According to the data, Nigeria produced more crude oil than its closest competitors, Angola and Algeria, during the month under consideration.

Nigeria produced 1,158 million barrels of crude oil per day (mb/d), taking the top rank among African producers of crude oil, according to OPEC data. Algeria finished third with 1,022 mb/d productions, followed by Angola in second place with 1,102 mb/d.

Nigeria produced 1,186 mb/d of crude oil, according to direct transmission from OPEC statistics. Algeria came in third with 1,021 mb/d and Angola came in second with 1,088 mb/d for the month under review.

In November 2022, the average crude oil output from all OPEC member nations was 28.83 million barrels per day (mb/d), down 744 thousand barrels per day (tb/d) from the previous month, according to the OPEC report based on secondary sources.

According to the research, Saudi Arabia, the United Arab Emirates (UAE), Kuwait, and Iraq saw a fall in crude oil production while Nigeria and Angola saw increases.

Nigeria has been fighting crude oil theft in the Niger Delta, which houses the majority of the nation’s oil and gas assets, since Q2 of 2022. However, since the issues were addressed, the Federal Government has been able to keep crude oil theft at a minimum with the help of security agencies and outside security companies.

The Chief Upstream Investment Officer at NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, stated in December 2022 that the actual loss from crude oil theft in Nigeria is 700,000 barrels per day or 21 million barrels per month.

Wunti added that improving security architecture is being used to combat crude oil theft. He said that the NNPC was attempting to resolve the issue of poor coordination among the parties involved in the oil industry, including the regulators, security services, host communities, and private security companies. Nigeria produced 1.59 million barrels per day of oil as of December 6, according to Wunti.

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