Business
Nigeria regains status as Africa’s largest oil producer
The Organization of Petroleum Exporting Countries (OPEC) has revealed that Nigeria has regained its status as Africa’s leading oil producer.
OPEC in its Oil Market Report for December 2022 revealed that based on direct communication, Nigeria recorded 1.18 million barrels per day, the highest on record in seven months.
When the worth of crude oil produced is computed using the average price of $87 it averaged in the month, Nigeria produced $97 million in crude oil each day, or $3.09 billion (N1.33 trillion) in November.
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This is the highest among other African oil producers according to OPEC.
Based on secondary sources, Nigeria recorded 1.158 million barrels per day production in November 2022 ahead of Libya’s 1.31 mb/d.
OPEC report reads: “According to secondary sources, total OPEC-13 crude oil production averaged 28.83 mb/d in November 2022, lower by 744 tb/d m-o-m. Crude oil output increased mainly in Nigeria and Angola, while production in Saudi Arabia, the UAE, Kuwait, and Iraq declined.”
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