Oil Production Hits 1.18mbpd In November

The latest oil production figures obtained from the Nigerian Upstream Petroleum Regulatory Commission have shown that Nigeria’s crude oil production rose to 1.185 million barrels per day in November 2022.

This represents the highest output by the country in the past seven months. Also, the country’s output increased by 171,119 barrels per day in November when compared to what was recorded in the preceding month.

This came as the Organisation of Petroleum Exporting Countries announced that the Document of Cooperation between the cartel and non-OPEC members had stabilised the oil market.

Similarly, the upstream regulator indicated Nigeria’s crude oil production in October 2022 was 1.014m barrels per day, but this moved up to 1.186mbpd in November.

The last time Nigeria’s crude oil production crossed this figure was in April 2022 when the country pumped 1.219mbpd of crude, outside blended and unblended condensates.

Further analysis of data from the regulator showed that the country’s crude oil output in May, June, July, August and September was 1,024,317bpd; 1,158,274bpd; 1,083,899bpd; 972,394bpd, and 937,766bpd respectively.

Nigeria’s oil production had been crashing since 2021 following massive oil theft in the Niger Delta region, a development that denied the country billions of dollars in revenue.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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