According to the December 2022 Monthly Oil Market Report, MOMR, of the Organisation of Petroleum Exporting Countries Nigeria’s oil production increased month-on-month, MoM, to 1.186 million barrels per day in November 2022.
This is up about 17 per cent from 1.014 mb/d in October 2022.
This is the second consecutive MoM rise in output following the resolve by the Federal Government and the oil companies to confront the myriad of issues that had undermined official output figures which included theft, illegal refining and vandalism.
In October 2022, the OPEC reported 1.014 mb/d output for Nigeria, a significant rise from the September figure of 938,000.
Nigeria appears set to meet its 1.8 mb/d quota given by the OPEC with the positive turn in the sector
On Year-on-Year, YoY, the nation’s oil output shows huge 4.67 percent decline to an average of 1.135 mb/d in the first 11 months (January – November) of 2022, from 1.191 mb/d recorded in the corresponding period of 2021.