Financial Energy Review
…….by Jenefer Dike…..
Nigeria may continue her top spot position in crude oil production in Africa through the first quarter of the year 2022. This is because Nigeria plan is to go beyond oil production target of 1.88 million b/d, including condensate production of between 300,000-400,000 barrel per day .
This month she regained the top spot among crude oil producing countries in Africa with the nation’s crude oil production averaging 1.27 million barrels per day in November.
Nigeria has the capacity to pump around 2.2 million b/d of crude and condensate, but in recent months its output has been languishing below 1.55 million b/d.
However with oil exports accounting for 80 percent of Nigeria’s foreign exchange revenue. The government is determined that in the year 2022 there will be an improvement different from the sharp drop in revenue amid a drop in production in the most part of the year 2021.
For instance the current OPEC report on Nigeria oil production said there was an increment of 47,000 barrels per day when compared to the 1.228 mb/d produced averagely in the month of October 2021.
Libya, which clinched the top spot in Africa in October with 1.24 mb/d declined to 1.211 mb/d in November.
“According to secondary sources, total OPEC-13 crude oil production averaged 27.72 mb/d in November 2021, higher by 0.29 mb/d Month on Month.
