Nigeria slips into third place behind Angola, Libya
By Jeph Ajobaju, Chief Copy Editor
Angola produced the most oil per day on the African continent in August, followed by Libya. Nigeria slipped into third place with 972,000 barrels per day (bpd), according to the Organisation of Petroleum Exporting Countries (OPEC).
OPEC made the disclosure in its September 2022 report, which confirmed figures released by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).
Nigeria’s slump to below one million bpd in August 2022 was the lowest ever in several years, and OPEC said it made Angola and Libya to relegate Nigeria to third position, falling from coveted number one in Africa and sixth in the world.
Angola churned out an average 1.187 million bpd (mbpd) and Libya 1.123 mbpd.
“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,” OPEC said, per reporting by The PUNCH.
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Oil production shortfall losses rise to $2.65b
Nigeria’s oil output shortfall losses rose to $2.658 billion in August, massively dwarfing $241.77 million in July, as oil facility vandalisation, production shut-ins, and oil theft remain in play and expanding.
Figures posted by the NUPRC show average 972,394 bpd production in August, compared with 1.083 million bpd in July.
The August data is 857,606 barrels short of 1.83 million bpd quota allocated to Nigeria by OPEC.
At the average price of $100 per barrel, Nigeria lost $85.76 million per day which totalled $2.658 billion in August.
NUPRC data shows that condensate, which is not part of OPEC quota, was 207,052 bpd.
$241.77m oil revenue lost in July
Nigeria lost $241.77 million (N101.39 billion) revenue in July as its crude oil production dropped by 2.3 million barrels compared with June, gleaned from figures compiled by OPEC.
The Monthly Oil Market Report for August 2022 released by OPEC said based on direct communication figures, Nigeria’s output slashed by an average 74,000 bpd which rounded up to 2.3 million barrels in the 31 days in July.
OPEC confirmed the average price of Brent crude, the global benchmark for oil, was $105.12 per barrel in July.
Which means with a drop of 2.3 million barrels in output, Nigeria lost $241.77 million or N101.39 billion (at the official exchange rate of N419.37/$) in July.
OPEC figures also show Nigeria’s oil production fluctuated between 1.024 million bpd in May, up 1.158 million bpd in June, and down 1.084 million bpd in July.
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