• Monday, July 22, 2024
businessday logo

BusinessDay

Nigeria returns to top Africa oil producer position in December, hits 1.28mb/d

Drilling contractors rethink survival strategy as oil prices fall

Nigeria has returned to its former spot as Africa’s top oil producer surpassing Libya, according to the latest Organisation of Petroleum Exporting Countries (OPEC) report released on Monday.

According to the report released by the oil cartel, Nigeria’s oil production increased by 47,000 barrels per day (bpd) from 1.22 million bpd to 1.28 million barrel per day (bpd) in December, which made the country the major oil producer again after Libya overtook her in the previous month.

Last month, Nigeria lost its Africa’s top oil producer status to Libya as its crude oil production fell further amid lingering supply disruptions, according to the monthly report released by the Organisation.

While Libya regain its spot as the second-biggest producer in this year’s December report, it saw its oil production fall slightly from 1.24 million bpd in November report to 1.21 million bpd in December, based on direct communication, according to OPEC, which recorded a decrease of 33,000 thousand bpd.

Read also: $11.8trn investments required between 2021-2045 in oil sector- OPEC

According to the secondary sources, Nigeria’s oil production increased by 85000 bpd from 1.34 million bpd in October to 1.42 million bpd in November, while Libya recorded a decrease in its production from 1.16 million bpd to 1.14 million bpd which accounted for a decrease of 15000 bpd.

OPEC uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries.

Nigeria recorded the biggest increase in output in November among its African peers in OPEC, which put the country after Iraq, based on Secondary sources. The country’s production has risen the most in the month among its continental counterparts, according to secondary sources.

The 13-member oil cartel said its total crude production averaged 27.72 million bpd in November, higher by 290,000 bpd month-on-month, according to secondary sources.

According to secondary sources, crude oil output increased mainly in Saudi Arabia, Iraq and Nigeria, while production in Angola, Libya and Congo declined.