Nigeria continues to have the third-highest crude oil output in Africa for the month of October 2022.
This is based on data from the November 14th release of the Organization of Petroleum Exporting Countries’ (OPEC) MOMR. The results show that Algeria surpassed Angola as Africa’s biggest producer of crude oil in October.
Nigeria lost its status as Africa’s top crude oil producer in September 2022 when its daily crude oil output decreased to 972,394 barrels per day from above 1 million barrels per day (mb/d).
In order to protect the country’s supply of crude oil, Nigeria has been dealing with crude oil theft for months. The government is attempting to punish criminals.
In October 2022, Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), said that during his team’s campaign against crude oil theft in the south-south region of Nigeria, 395 illegal refineries and 274 reservoirs had been demolished. He said that in addition to 1,561 metal tanks being destroyed, 49 vehicles had also been seized.
Nigeria produced 1.014 million barrels of crude oil per day (mb/d), followed by Angola with 1.051 million and Algeria with 1.060 million (according to MOMR figures). Algeria, Angola, and Nigeria will therefore be the top three crude oil producers in the continent as of October 2022.
Algeria achieved a production output of 1.058 mb/d for September, according to the MOMR, representing a 2% rise between the two months highlighted. For September 2022, Angola measured 1.091 mb/d, a 40% decrease in output. Nigeria’s output increased by 77% in September 2022, reaching 938,000 b/d.
Saudi Arabia reported 10 million barrels per day in October 2022, a modest decrease from the 11 million barrels per day in September 2022, according to direct communication statistics. Iraq’s oil production decreased by 11% over the time under discussion, from 4.65 million barrels per day in October 2022 to 4.66 million barrels per day in September.
In 2022, there will be a 0.1 million barrels per day decrease in the demand for OPEC-13 crude to 28.6 million barrels per day. The forecasted demand for OPEC-13 crude oil in 2023 has been lowered by 0.2 million barrels per day from an earlier estimate of 29.3 million barrels per day.
