Nigeria has retained its position as the top crude oil producer in Africa, with a production of 1.35 million barrels per day (mbpd) based on direct sources and 1.416 mbpd (secondary sources) in October 2023, according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report (MOMR) for November 2023.
The report released by OPEC on Monday showed that Nigeria’s crude oil production for October 2023, increased by an average of 4000bpd based on direct sources and 17,000bpd based on secondary sources compared with the previous month.
OPEC therefore revealed that out of the 13 major OPEC crude oil producing countries, crude oil output increased mainly in Nigeria, Angola, and Iran, while production in Libya, Saudi Arabia, and Kuwait decreased.
EnergyDay’s check revealed despite the country’s steady rise in crude oil production, Nigeria is still struggling to achieve above 16 functional rigs it recorded since 2019.
AFRICAN OIL PRODUCERS
Nigeria retained its position as Africa’s largest oil producer for the second consecutive month, Angola’s crude oil production rose by 51,000 bpd, bringing the total to 1.172 million bpd, in October, making it the second top African oil producer.
Libya’s oil production dropped by 26,000 bpd, bringing the total to 1.143 million bpd, making it the third largest producer in Africa.
Production in Gabon, Congo, Algeria, and Equatorial Guinea rose by about 10,000, 5,000, 3,000, and 2,000 bpd, respectively
The President has assured international oil companies and returns on investment, this was also evident in his recent trip to Saudi Arabia, where he assured investors in the country of the safety of their investments.