OPEC Report Shows Nigeria Reclaims Position as Top African Crude Oil Producer in May 2023
The Organization of Petroleum Exporting Countries (OPEC) report shows that Nigeria has regained its position as the top crude oil producer in Africa for May 2023.
Nigeria produced 1.184 million barrels of crude oil per day during the month, according to direct communication data provided by OPEC. In comparison, Libya produced 1.158 million barrels per day, Angola produced 1.111 million barrels per day, and Algeria produced 962,000 barrels per day.
The OPEC report also highlighted Nigeria’s economic growth, stating that the country’s economy expanded by 2.4% year-on-year in the first quarter of 2023. However, the report attributed the slow growth to various factors, including a decline in crude oil output.
It should be noted that in April 2023, Nigeria experienced its first decline in crude oil production, with OPEC reporting a daily output of 999,000 barrels. In addition to declining oil production, Nigeria’s economy is facing challenges such as high inflation, import restrictions, and subdued business activity and consumer spending.
Inflation data for April 2023 showed an annual rate of 22.2%, indicating an ongoing acceleration compared to 22% in March 2023. These factors, along with a slowdown in the services, manufacturing, and farming industries, contribute to the economic burden faced by Nigeria.
Also, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has shown that the country produced 1.4 million barrels per day of crude oil in May 2023.
According to the Commission’s recently released crude oil production data, Nigeria produced 1,427,616 barrels of crude oil per day. The data is broken down as follows: crude oil 1,183,691 barrels per day, blended condensates: 65,887 barrels per day, Unblended condensates: 178,038 barrels per day.
The addition of condensates makes up the value of 1.4 million barrels per day.
