Tag
CRUDE OIL PRODUCTION
According to the latest monthly report from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s average oil production hit a 20-month high in September reaching 1.57mbpd.
Despite the significant increase in the oil rig count to 14 in Q1 2023 from 8 rigs in Q1 2022 based on the August 2023 monthly oil market report by the Organization of the Petroleum Exporting Countries and Allies (OPEC+), the total crude oil production (crude oil and condensates) was down 9.65% m/m to 40.12m from 44.40m in June 2023 and down 1.52% y/y to 40.74mn compared with July 2022.
A Platts survey by S&P Global Commodity Insights has shown that OPEC-13 cut its crude oil production hit its lowest since August 2021 as of last month.
Nigeria's oil production in June 2023 experienced an increase, providing a cushion for OPEC producers, as reported by Reuters.
Nigeria's President aims to reach 4 million barrels per day of oil and 12 billion cubic feet per day of gas production capacity by 2030.
Nigeria produced about 70% of its 1.8mbpd OPEC quota in Q1 2023, which is a significant improvement from last year's all-time low.
OPEC+ increased crude oil production by 140,000 barrels per day to 42.71 million bpd in December 2022
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows that Nigeria's crude oil production rose to its highest level in December
Nigeria's oil production output increased as a result of the fight against oil theft
For years, Nigeria maintained its status as the continent's leading producer of oil
Nigeria average crude oil production of 1,014,485 BPD in the Month of October
The crude oil production data reflect the impact of oil theft