Nigeria returns to the top as Africa’s largest oil producer after output surge

• Nigeria has climbed back to the top of the ladder as Africa’s largest crude oil producer.
• It surpassed countries like Angola and Algeria by producing around 1.235 million barrels of crude oil a day in December.
• OPEC report says Nigeria has also seen improved oil production by November 2022

Nigeria has regained its lost position as Africa’s largest crude producer, having witnessed increased oil production in December 2022.

The nation recorded the highest crude oil production rate on the continent, according to the latest monthly analysis of the oil market by the Organization of the Petroleum Exporting Countries (OPEC).

OPEC approves Nigerian crude production

The report, published on Tuesday, January 17, 2023, revealed that the West African country produced a total of 1.235 million barrels per day of crude oil, up from the 1.186 million barrels per day produced in November 2022.

According to OPEC data, Angola ranked second in Africa with 1,088 barrels per day of crude, while Algeria emerged as the third largest oil producer in Africa with 1.099 million barrels per day.

OPEC said:

“According to secondary sources, total OPEC-13 crude oil production averaged 28.97 mb/d in December 2022, an increase of 91 tb/d per month. Crude production increased mainly in Nigeria, Angola, Libya and Venezuela, while production in Kuwait, Congo and Algeria decreased,” says part of the report.

Nigeria fights against oil theft

Nigeria has witnessed a challenging 2022 in the oil sector, as crude theft intensified in the second quarter of last year, affecting oil production in the country.

The Nigerian National Petroleum Corporation (NNPC) estimated that Nigeria lost around 700,000 barrels of crude oil daily due to oil theft.

The country has also experienced unprecedented fuel shortages at different levels as the issue of removing fuel subsidies comes back to the fore.

Does the Tompolo effect help?

Some analysts believe that the involvement of the Ekpemupolo government, popularly known as Tompolo, in the fight against oil theft may have helped curb oil theft in the country.

The former Niger Delta militant leader won a N48 million pipeline surveillance contract from the federal government that was approved by Nigeria’s upper legislature.

Tompolo and his security team were instrumental in tracking down and destroying large barges of illegal crude oil and locating an illegal pipeline that goes into the sea and is used to steal crude oil.

The Buhari government has set the benchmark crude oil rate for 2023 at 1.69 million barrels per day, according to reports.

Angola overtakes Nigeria as Africa’s biggest oil producer after worst output in months

legit.ng reported that Nigeria is no longer Africa’s top oil producer following abysmal oil output in May, the biggest drop among its peers at a time when oil was trading at $121.33.

According to data obtained from the Organization of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production fell by 195,000 barrels per day (bpd) to 1.02 million bpd in May 2022 from 1.22 million in April 2022. 2022, according to direct communication.

Angola’s oil production also fell, but at 1.16 million barrels per day, it is still more than Nigeria and has now taken the status of Africa’s largest oil producer.

Source: Legit.ng