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OPEC declares Nigeria as top crude oil producer in Africa for November

Boom RadioNG | December 15, 2023

The Organization of Petroleum Exporting Countries (OPEC) has declared Nigeria as the top African crude oil producer for November 2023. This is according to the data from the organization’s monthly oil market report released earlier today, December 13.

In the recent OPEC report, it was mentioned that in November 2023, the total crude oil produced by a group of thirteen countries in OPEC, called OPEC-13, averaged 27.84 million barrels per day. This amount was a bit less by 57 thousand barrels per day compared to the previous month (October 2023).

Even though some countries like Venezuela, Libya, and Kuwait produced more crude oil during this time, other countries such as Iraq, Angola, and Nigeria produced less.

However, Nigeria still managed to produce more crude oil than other African countries during the highlighted month.

 

 

In November 2023, the portion of crude oil produced by OPEC countries compared to the total global production increased slightly to reach 27.4%, which was a 0.1 percentage point (pp) rise from the previous month.

The OPEC report also talked about how Nigeria’s economy did better than expected in the third quarter of 2023. It grew by a strong 3.1% compared to the same time last year, which is more than the growth of 2.6% in the second quarter and 2.4% in the first quarter.

This good performance happened because of industries in the non-oil sector like services and agriculture.

Meanwhile, Nigeria’s Minister of State for Petroleum Resources, Heineken Lokpobiri has promised that Nigeria plans to produce up to 1.7 million barrels per day of crude oil in 2024 and will keep engaging with its oil sector stakeholders to drive production as that the country currently has a production quota of 1.5 million barrels per day.

 

 

 

Dolupo Balogun

Written by Boom RadioNG

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