Lagos, Dec. 15, 2022 (Proshare/GBN) – Nigeria has regained its position as the largest crude oil producer in Africa, producing 1.186mb/d ahead of Algeria’s 1.021mb/d and Angola’s 1.088mb/d in November 2022.
According to the December 2022 Monthly Oil Market Report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s oil output increased by 171,000 b/d from 1.014mb/d in October to 1.186mb/d in Nov 2022.
The report shows that Angola and Algeria had produced more crude oil than Nigeria for months on Nigeria’s dwindling output.
Similarly, according to secondary sources, Nigeria’s oil output increased by 92,000 b/d from 1.066mb/d in Oct to 1.158mb/d in Nov 2022, surpassing production from all other African OPEC members.
Analysts said that Nigeria’s oil production would remain supported by the recovery of flows through the Trans-Forcados and Trans-Niger Pipeline Systems, albeit dependent on continuous surveillance by the NNPC Ltd and its private security partners. (Proshare/GBN)
