Nigeria Is No Longer in Top Three Leading Oil-Producing Countries in Africa As Oil Price Trades Above $90

Nigeria Is No Longer in Top Three Leading Oil-Producing Countries in Africa As Oil Price Trades Above $90

  • Nigeria has not only lost its spot as Africa's largest oil producer but is now not in the OPEC list of the top three Africa oil producer
  • This is despite Nigeria's crude oil production recovery, the challenges remain and the country is below its peers
  • Nigeria's oil production troubles could mean trouble for Naira as CBN needs oil revenue to defend the currency against the US dollar

The Organisation of Petroleum Exporting Countries (OPEC) has placed Nigeria as the fourth oil-producing country in Africa.

Like in previous months, OPEC revealed that Angola, Algeria and Libya produced more oil in October based on (secondary source).

OPEC revealed this in its latest Monthly Oil Market Report (MOMR) published on Monday.

Nigeria oil producers in Africa
Nigeria oil production lags behind peers Credit: OPEC
Source: Facebook

The report shows that in the month under review, Algeria drilled 1.060 million barrels per day, Angola produced 1.051 million bpd, Libya’s output was 1.163 million. Nigeria’s oil production stood at 1.024 million bpd.

Read also

NNPC reveals increase of petrol by 264.1m litres in one week as NNPC considers N400 per litre pump price

PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!

Nigeria, for many years, stood tall as Africa’s ‘biggest’ oil producer until recently when the international price for oil crossed over $100 per barrel.

The high oil price triggers a huge oil theft, which has remained despite an improvement.

As stated in the OPEC report, Nigeria added 77,000 bpd in October. Still, the roughly 1 million bpd remains a far cry from its average of 1.493 million bpd in 2020, a covid year, and 1.323 million in 2021.

On the other hand, Algeria gained a paltry 2,000 bpd, Angola lost 40,000 bpd and Libya gained 6,000bpd (secondary source).

Oil trades above $90 per barrel

Meanwhile, Oil prices rose on Wednesday, 16 November 2022 after worries that China recent lockdown could affect oil demand.

Data from oilprice.com shows that as at 1pm on Wednesday, brent crude the benchmark for Nigeria oil trades at $94.16 a barrel.

Read also

Meet the Indian billionaire who may overtake Elon Musk, now worth $147.2 billion

While bonnylight, a major specification of Nigeria's oil found in Oloibiri in the Niger Delta region of is trading above $93.14 per barrel.

NNPC locates, shuts down 395 illegal refineries associated with Forcados, hints on illegal oil Pipeline

In another report,the Nigeria National Petroleum Company Limited (NNPC) is putting all its efforts into stopping the monstrous growing oil theft in Nigeria.

According to the company's Chief Executive Officer, Mele Kyari, the firm has discovered and dismantled the operations of about 395 illegal refineries.

Legit.ng reports that Kyrari said NNPC has deactivated the illegal refineries, taken down 273 wooden boats, and ruined 374 illegal reservoirs and 1,561 metal tanks.

Source: Legit.ng

Online view pixel