Nigeria regained its top position as Africa’s largest crude oil producer in November 2022, the latest production data shows.
This is according to data from the recently released Monthly Oil Market Report (MOMR) by the Organization of the Petroleum Exporting Countries (OPEC).
The data showed Nigeria produced higher volumes of crude than its closest rivals Angola and Algeria during the month under review.
Secondary sources: According to OPEC data, Nigeria produced 1.158 million barrels per day (mb/d) of crude, ranking first among African crude oil producers. Angola emerged in second place, producing 1,102 mb/d, and Algeria ranked third, producing 1,022 mb/d during the month under review.
Direct communication: Meanwhile, according to direct communication from OPEC data, Nigeria produced 1,186 mb/d of crude. Angola ranked second with production of 1,088 mb/d and Algeria emerged in third place with production of 1,021 mb/d for the month under review.
OPEC Outlook: According to the OPEC report, secondary sources indicate that the total crude oil production of OPEC member countries averaged 28.83 mb/d in November 2022, a decrease of 744 thousand barrels per day (tb/d) per month. a month
The report indicated that crude oil production increased mainly in Nigeria and Angola, while production in Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq decreased.
Perspectives on Nigeria: Since the second quarter of 2022, Nigeria has battled crude oil theft in the Niger Delta region that is home to the country’s major oil and gas assets. However, since the crackdown on the challenges, with the help of law enforcement agencies and third-party security teams, the federal government has been able to keep the level of crude oil theft low.
- As of December 2022, Bala Wunti, Director of Upstream Investments at NNPC Upstream Investment Management Services (NUIMS), said that the actual loss caused by crude oil theft in Nigeria is 700,000 barrels per day, which translates to 21 million barrels per month.
- Wunti also said that crude oil theft is being addressed by developing better security architecture. According to him, the NNPC was working to address the lack of coordination between the actors in the oil sector: regulators, security agencies, host communities and private security teams.
- Wunti also revealed that Nigeria’s oil production as of December 6 is 1.59 million barrels per day.
In case you missed it: Bala Wunti had previously stated that three types of losses occur during the production of crude oil. Is it so:
- Engineering losses that no one takes into account as it is part of the engineering process.
- Actual losses where hydrocarbons are produced but stolen
- Opportunity losses arise because operators cannot produce what was initially planned.
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