According to a report by the Organization of Petroleum Exporting Countries (OPEC), Angola and Libya have surpassed Nigeria as Africa’s top crude oil producers. OPEC made this known in its Oil Market Report for September 2022, which was obtained by the News Agency of Nigeria on Tuesday 13th September 2022 in Lagos.
The report states that Nigeria produced an average of 1.100 million barrels of crude oil per day in August. According to the data, the figure was down 65,000 mb/d from the 1.164 mb/d produced on average for the month of August. According to the report, Angola produced 1.187 million barrels per day on average during the reviewed month, making it the continent’s top crude oil producer. It said Libya’s crude oil production averaged also 1.123mb/d for the month of August.
“According to secondary sources, total OPEC-13 crude oil production averaged 29.65 mb/d in August, higher by 618,000 month-on-month.
“Crude oil output increased mainly in Libya and Saudi Arabia, while production in Nigeria declined,” the report said.
According to preliminary figures, global liquids output grew by 1.3 million bpd in August compared to July, averaging 101.3 million bpd.
However, non-OPEC liquids production (including OPEC NGLs) is estimated to have increased in August by 0.7 million bpd month-on-month to average 71.6 million bpd, and was higher by 2.8 million bpd year-on-year.
The report said: The share of OPEC crude oil in total global production increased by 0.2 pp to 29.3 percent in August compared with the previous month.
“Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.”
Additionally, the estimate for 2022 showed that global oil demand growth would continue to be stable at a healthy level of 3.1 million bpd.
“This includes the recently observed trend for additional oil demand growth due to fuel switching in power generation,” the report said.
The 13-member states added that the average global oil consumption for 2022 is projected to be 100.0 million barrels per day.
The report underscores the challenges bedeviling the Nigerian oil and gas sector. Nigeria has sighted vices such as insecurity and oil theft to be the reason behind the huge drop in its oils production capacity. It is not projected however to affect the prices of AGO/MGO
Source: The Vanguard, Business Day
