Nigeria Ranks 7th Highest Oil-Producing Country in the World by OPEC

Nigeria Ranks 7th Highest Oil-Producing Country in the World by OPEC

  • Nigeria is no longer the highest oil-producing country in Africa after its crude oil output dropped
  • The country is now ranked fourth on the continent and seventh in the world, as per a recent report
  • OPEC data shows that Nigeria produced just a little over a million barrels of crude oil in October

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According to the latest report by the Organisation of Petroleum Exporting Countries (OPEC) for October, Nigeria is now ranked seventh highest oil-producing country globally and fourth in Africa.

The country’s crude oil output for October was just 1.14 million barrels per day, placing it behind Saudi Arabia, UAE, Kuwait, Iraq, Angola and Algeria.

Angola, Saudi Arabia, Nigeria, Algeria
The President Muhammadu Buhari-led administration has had to deal with crude oil theft and pipeline vandalism. Credit: NurPhoto/Contributor
Source: Instagram

Angola trumps Nigeria as highest oil-producing country in Africa

Angola produced 1.051 million barrels per day, Algeria 1.06 Mb per day, Kuwait 2.8Mb per day, UAE 3.188Mb per day, Iraq 4.65Mb per day and Saudi Arabia 10.958Mb per day.

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Nigeria seventh on the OPEC list, with Libya, Angola and Algeria leading in oil production in Africa.

Nigeria has been beset with crude oil theft and pipeline vandalism in the Niger Delta area.

Per Punch, Nigeria lost N415 billion to the closure of nine oil terminals in two months.

Nigeria loses crude oil to theft

Forcadoes, Qua Ibo, Bonny, Bonga, Voho, Erha, Brass, Ukpokiti and Aje were closed in May and June this year.

The country lost varying amounts of crude oil from the closure of the terminals in June this year.

Some countries saw growth from the preceding month. Crude oil output spiked mostly in Nigeria and Iraq, while production in Angola and Saudi Arabia declined.

Business Insider report says that the OPEC Monthly Oil Market Report covers data and nuances affecting the global oil market and gives insight into developments in the market.

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Nigeria lost $10 billion to crude oil theft in seven months

Legit.ng reported that in September this year, the Chief Executive Officer of NNPC, Mele Kyari, expressed deep worries about the troubling spate of crude oil theft in Nigeria, which undermines Nigeria's production capacity.

He blamed sectors of the Nigerian system for stealing millions of barrels of crude oil, stating that fuel and other petroleum products were discovered in churches and mosques.

Premium Times reports that between January and July, Nigeria lost an average of 437,000 barrels of oil daily to criminal elements who tap pipelines onshore and offshore in the Niger Delta area.

Source: Legit.ng

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