Nigeria Down To Seventh On OPEC Production List

OPEC Meets With Counterparts To Resolve Output Cuts

According to the organization’s Monthly Oil Market Report for November, which looked at oil production results in October, Nigeria is now ranked seventh among countries that export crude oil.

Nigeria’s production in October was a paltry 1.014 million barrels per day, placing it sixth overall after Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Angola, and Algeria.

Nigeria produced 1.01 mb/d in October, compared to Angola’s 1.05 mb/d, Algeria’s 1.060 mb/d, Kuwait’s 2.811 mb/d, the United Arab Emirates 3.188 mb/d, Iraq’s 4.651 mb/d, and Saudi Arabia’s 10. 957 mb/d. While Venezuela’s production was 711b/d, Equatorial Guinea’s was 57b/d. The likes of Gabon, Libya and Iran did not produce a barrel in the month.

In terms of crude oil output, Nigeria used to be ranked fifth, behind nations like Algeria and Angola. The biggest economy in West Africa has had a difficult time as pipeline vandalism and theft plague its crude oil output.

Nine crude oil terminal closures over two months cost the nation N415 billion. Between May and June 2022, the impacted terminals, Forcados, Qua Ibo, Bonny, Bonga, Voho, Erha, Brass, Ukpokiti, and Aje, were shut down.

The shut-in resulted in the loss of 258,000 barrels of crude oil from Forcados between June 24 and 30, 1,470 barrels from Qua Iboe between June 15 and 30, 3,545 barrels from Bonny between June 1 and 30, and 558,000 barrels from Bonga between June 15 and 30.

According to him, beyond technology, Nigeria needed to identify the challenges, find the origin of the problem and deal with it.”

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