The Organisation of Petroleum Exporting Countries (OPEC) has noted that two oil-producing African countries Angola and Libya have overtaken Nigeria in oil production. Nigeria’s oil capacity has drastically dropped to 972,000 barrels per day in August 2022.
This revelation was made known by OPEC in its September 2022 report, confirming the figures released by Upstream Petroleum Regulatory Commission.
Nigeria’s crude oil production slumped below one million barrels per day in August 2022, the lowest ever in several years.
A survey in the Upstream Petroleum sector shows that the country’s oil production dropped below one million barrels per day to 972,394 bpd, the lowest in many years.
It stated that figures from the NUPRC indicated that the country’s oil production dropped from 1,083,899 bpd in July to 972,394 bpd in August.
Confirming this in its September 2022 oil sector report released on Tuesday, OPEC stated that the drop in Nigeria’s oil production made Angola and Libya to overtake Nigeria in oil output.
The report stated that Angola was Africa’s highest crude oil producer for the month under review with an average production of 1.187mb/d.
It said Libya’s crude oil production averaged also 1.123mb/d for 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,” it stated.
The report further revealed that production of oil in Angola, Saudi Arabia increased in the month in review whilst production in Nigeria has drastically reduced due to some factors in the country.