Nigeria wobbles to regain Africa’s top crude oil producer spot
23 April 2023 |
4:07 am
With a production capacity of 1.2 million barrels per day (bpd), Nigeria wobbled to emerge the top crude oil producer in March 2023, despite it’s the country’s lowest production recorded so far this year, according to data from the Nigerian Upstream Regulatory Commission (NUPRC).
With a production capacity of 1.2 million barrels per day (bpd), Nigeria wobbled to emerge the top crude oil producer in March 2023, despite it’s the country’s lowest production recorded so far this year, according to data from the Nigerian Upstream Regulatory Commission (NUPRC).
Nigeria has not been able to reach its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.8 million barrels per day or even its 2023 budget benchmark of 1.6 million barrels per day due to lack of investments, economic, political, security risks, and crude production sabotage.
Notwithstanding the challenges, Nigeria emerged Africa’s top crude oil producer for March 2023, though it recorded lower production during the month under review.
Statistics by the OPEC, in its latest Monthly Oil Market Report, showed that Nigeria produced 1.268 million bpd in March, as against 1.306 million bpd produced in February 2023.
The report, obtained by The Guardian, quoted direct communication for 1.268 million bpd, while it quoted secondary sources for 1.371 million bpd, both indicated drop in production from previous month. In January, the nation produced 1.258 million bpd.
OPEC said that Nigeria had the highest crude production in the month under review, followed by Algeria, which recorded 1 million barrels per day, while Angola recorded 972,000 barrels per day.
The report showed that total OPEC-13 crude oil production averaged 28.80 million barrels per day in March 2023, lower by 86,000 barrels per day month-on-month. OPEC stated that crude oil output increased mainly in Saudi Arabia, while production in Angola, Iraq and Nigeria declined in March 2023.
Looking ahead, world oil demand is expected to grow by about 2.4 million barrels per day year-on-year in the second quarter of 2023, 2.5 million barrels per day year-on-year in the third quarter of 2023 and 2.3 million barrels per day year-on-year in the fourth quarter of 2023.
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