Nigeria has been confirmed as Africa’s third-largest crude oil producer through October 2022.
This is according to data from the Organization of Petroleum Exporting Countries (OPEC) monthly oil market report (MOMR), which was released on November 14.
According to the report, Algeria was Africa’s largest crude oil producer in October, followed by Angola.
Loss of status:
According to entrepreneurng, Nigeria lost its position as Africa’s leading crude oil producer in September 2022 when its daily crude oil production fell below 1 million barrels per day (mb/d) to 972,394 barrels per day.
Nigeria has been battling crude oil theft for months, with authorities attempting to crack down on perpetrators to boost the country’s crude oil output.
Fight against oil theft:
Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), announced in October 2022 that his team had deactivated 395 illegal refineries and destroyed 274 reservoirs during their crackdown on crude oil theft in Nigeria’s south-south region. He also stated that 1,561 metal tanks had been destroyed and 49 trucks had been seized.
Africa’s top producers:
According to MOMR data, Algeria produced 1.060 million barrels per day (mb/d), Angola produced 1.051 million barrels per day (mb/d), and Nigeria produced 1.014 million barrels per day (mb/d). Algeria, Angola, and Nigeria are thus the continent’s top three crude oil producers as of October 2022.
Comparing September and October outputs:
The MOMR also revealed that Algeria recorded a production output of 1.058 mb/d in September, representing a 2% increase over the previous month. Angola recorded 1.091 mb/d in September 2022, representing a 40% drop in output. Nigeria recorded a 938,000 b/d output in September 2022, representing a 77% increase.
Other key OPEC producers:
Saudi Arabia recorded 10 million barrels per day in October 2022, a slight decrease from 11 million barrels per day in September 2022, according to direct communication data. Meanwhile, Iraq recorded 4.65 million barrels per day in October 2022 and 4.66 million barrels per day in September, representing an 11% decrease for the highlighted period.
OPEC oil demand:
Demand for OPEC-13 crude in 2022 is revised down from the previous MOMR by 0.1 million barrels per day to 28.6 million barrels per day. Meanwhile, the projected demand for OPEC-13 crude oil in 2023 has been reduced by 0.2 million barrels per day, from 29.3 million barrels per day previously.
For the record:
According to OPEC, global oil demand growth in 2022 has been reduced by 0.1 million barrels per day from the previous month’s estimate. Year-on-year demand is now expected to be 2.5 million barrels per day, reflecting observed trends and developments such as the extension of China’s zero-COVID-19 restrictions and some economic challenges in OECD Europe that have weighed on oil demand. In 2022, total oil demand is expected to average 99.6 million barrels per day.
