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#DailyChart: Despite Fuel Scarcity Locally, Nigeria Clinches Top Spot Among Oil Producers in Africa
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Nigeria’s Oil Output Rises By 17%
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…
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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…
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China Re-enforce Oil Trade Deal With Saudi Arabia In 2022
China has moved to deepen its relationship with OPEC+ heavyweight Saudi Arabia, the country’s top oil supplier for the past few years. The world’s biggest energy consumer and Saudi Arabia pledged to deepen their relationship in trade and economic cooperation through bilateral talks on Thursday, 9, December 2022. The two parties would explore common investment opportunities in…
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Is Nigeria’s Oil Sector Experiencing More Growth In 2022?
According to new data from the Nigerian Upstream Petroleum Regulatory Commission, Nigeria surpassed its 1 million BPD quota for November and October, a welcome development from August when the commission announced the country was unable to meet its OPEC quota owing largely to oil theft and vandalism. The report details that oil production output in…
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Nigeria Ranks Seventh On OPEC Production List
According to the a Monthly Oil Market Report for November, Nigeria now ranks seventh on Organisation of the Petroleum Exporting Countries’ crude oil production list. Nigeria’s output was a mere 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria. While Nigeria’s production was 1.…
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Angola Becomes Africa’s Top Crude Oil Producer
A new report by the Organisation of the Petroleum Exporting Countries (OPEC) shared that Angola has taken first place in crude oil production after displacing Nigeria in the month of August. The report revealed that Nigeria’s crude oil production for August averaged 1.100 million barrels per day while Angola’s production averaged 1.187mb/d. In July, Angola…
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Explainer: How Low Is Nigeria’s Crude Exports In 2022?
Nigeria is currently facing a crude theft crisis, leading to one of the worst production turnout in recent years. According to regulators, the country’s pipelines have faced large-scale theft of crude that is forcing many oil companies to shut down production, further crippling the country’s fiscal stability. Data obtained from OPEC showed that Nigeria’s production…
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Nigeria Loses N101bn Worth Of Oil In July
Data from the Organisation of Petroleum Exporting Countries has showed Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what the country produced in the preceding month of June 2021. In its latest Monthly Oil Market Report for August 2022, OPEC stated that crude oil production figures based on…
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Nigeria’s Oil Output Drops 23.8%
According to the Organisation of Petroleum Exporting Countries, OPEC, Nigeria’s oil output dropped Year-on-Year by 23.8 percent to 1.024 million barrels per day, mbpd, in May 2022. This is a drop from 1.344 mbpd recorded in the corresponding period of 2021. In its June 2022 Monthly Oil Market Report, OPEC stated that the figure, excluding…