Nigeria’s crude oil production increased to 1.185 million barrels per day in November 2022, the greatest output in the country’s history.
According to the most recent oil production numbers acquired from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Sunday, the country’s output grew by 171,119 barrels per day in November compared to the previous month.
On Sunday, the Organization of Petroleum Exporting Countries (OPEC) said that the Document of Cooperation between the cartel and non-OPEC members has stabilized the oil market.
According to data obtained from the upstream regulator, Nigeria’s crude oil output in October 2022 was 1.014 million barrels per day, but this increased to 1.186 million barrels per day in November.
Nigeria’s crude oil output last exceeded this level in April 2022, when the country pumped 1.219 million barrels per day of crude, outside blended and unblended condensates.
The country’s crude oil output in May, June, July, August, and September was 1,024,317bpd, 1,158,274bpd, 1,083,899bpd, 972,394bpd, and 937,766bpd, according to figures from the regulator.
Nigeria’s oil output has been declining since 2021 as a result of significant oil theft in the Niger Delta area, denying the government billions of dollars in income.
However, in recent months, the Federal Government has increased its efforts to combat the threat of oil theft. The Nigerian National Petroleum Company Limited, in collaboration with security authorities and commercial contractors, has put steps in place to address the problem.
These measures seem to be paying off, as oil production increased consecutively in the months of October and November 2022.On the stability of the global oil market, OPEC Secretary-General, Haitham Al Ghais, said in a statement that the Declaration of Cooperation by the cartel and its allies had been on for six years, noting that it had also helped in securing global energy security.
The DoC, which was signed by 23 oil producing countries, aims to secure sustainable oil market stability through cooperation and dialogue for the benefit of all producers, consumers and investors.
Al Ghais said, “The Declaration of Cooperation is an unprecedented collaborative framework of 23 oil-producing countries that is based on trust, mutual respect and dialogue.
“Six years later, the framework continues to play an instrumental role in supporting market stability, which is essential for growth and development, as well as attracting the necessary investment to ensure energy security.”
He noted that the commitment of the DoC participants to a stable oil market was once again evident, following the severe oil market contraction caused by the COVID-19 pandemic.
On December 10, 2016, OPEC member countries and Azerbaijan; the Kingdom of Bahrain; Brunei; Darussalam; Equatorial Guinea, which later joined OPEC; Kazakhstan; Malaysia; Mexico; Sultanate of Oman; Russian Federation; Republic of Sudan; and Republic of South Sudan, met at the OPEC headquarters in Vienna.
They decided to establish the DoC as a platform for cooperation and dialogue in the interest of oil market stability. Other producers attended the meeting in support of these extraordinary efforts.
