Nigeria’s Oil Manufacturing Rises By 1.9% To 1.258 mb/d — OPEC

Nigeria’s oil manufacturing has risen month-on-month, MoM, by 1.9 per cent to 1.258 million barrels per day, mb/d, in January 2023, from 1.235 mb/d recorded in December 2022. The figures excludes Condensate.

The Organisation of Petroleum Exporting Nations, OPEC, in its February 2023 Month-to-month Oil Market Report, MOMR, obtained by Economic Confidential, nevertheless, indicated that on a year-on-year, YoY, foundation, the January output was an enormous 10 % drop from the 1.399 mb/d in January 2022.

The report additionally exhibits that Nigeria, beat Angola that produced 1.050 mb/d to develop into Africa’s main producer whereas Equatorial Guinea comes final with 55,000 barrels per day throughout the interval.

Nigeria’s oil output in January 2023 remained considerably in need of the 1.8 million barrels per day allotted to the nation by OPEC.

Newest oil manufacturing information launched by Nigerian Upstream Petroleum Regulatory Fee, NUPRC, confirmed that condensate oil manufacturing for December was 178,313 barrels per day bringing whole oil manufacturing to 1.4135 million per day throughout the month.

Nigeria has up to now did not revenue from excessive oil costs as a result of its manufacturing has been curtailed by the actions of oil thieves and pipeline vandals within the Niger Delta.