Nigeria becomes African Top Crude Producing Country in OPEC

Nigeria is the top producer of crude oil in Africa for November 2023, according to the Organisation of Petroleum Exporting Countries’ (OPEC) recent monthly report on the oil market.
With a production of 1.37 million barrels per day, Nigeria outperformed other African nations despite variations in production levels among the OPEC-13 members.
The average daily production of crude oil by OPEC-13 was 27.84 million barrels, a slight decrease of 57 thousand barrels from October 2023.
Among the OPEC members, there were notable differences in production: Venezuela, Libya, and Kuwait reported increases, while Iraq, Angola, and Nigeria reported decreases.
The report states that in November 2023, OPEC’s portion of the world’s crude oil production increased marginally to 27.4%, an increase of 0.1 percentage points over the previous month.
The following production figures were noted by the four major African producers:
Algeria produces 962,000 barrels daily;
Angola produces 1.13 million barrels daily;
Libya produces 1.17 million barrels daily;
Nigeria produces 1.37 million barrels daily.
Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources, stated that plans are in place to increase crude oil production to 1.7 million barrels per day by 2024, based on direct communication data.
This goal is consistent with continued interactions with oil industry stakeholders. Nigeria strives for higher output even with its current production quota of 1.5 million barrels per day.
The OPEC report also emphasised Nigeria’s 3.1% growth rate in Q32023, which was better than anticipated and was mostly driven by the non-oil sector, which includes services and agriculture.
Nonetheless, difficulties like growing commodity prices and the elimination of fuel subsidies were mentioned, which led to an inflation rate of 27.3% in October 2023.
OPEC projected that world oil demand would rise by 2.2 million barrels per day on average, with a daily average of 104.4 million barrels.
Oil demand is predicted to be supported by robust global GDP growth and China’s economic expansion.
The dynamic environment of the oil industry, where production and demand are influenced by geopolitical, economic, and sector-specific factors, is highlighted in the report.

Source: allnewsng.com

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