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.
READ ALSO: Oil marketers blame FG for lingering fuel scarcity, advocates gradual deregulation
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.”
-
Latest5 days agoMakinde declares 2027 presidential bid under PDP–APM alliance
-
Business4 days agoNigeria: Whither the fruits of 2026 crude oil windfall?
-
Comments and Issues5 days agoPolitical Parties Primaries: Consensus or Coronation?
-
Business4 days agoTrump-Xi summit sparks fresh questions for Nigeria’s economy, tech sector
-
Comments and Issues5 days agoDoes it matter to Africa if Nigel Farage comes to Number 10?
-
Comments and Issues5 days agoIs France Real or Playing Ping Pong With Africa?
-
Featured5 days agoObasanjo faults Tinubu’s economic reforms, calls them necessary but poorly designed
-
Business3 days agoNigeria’s foreign debt climbs 22% to $51.86bn under Tinubu administration