Nigeria to remain Africa’s top oil producing country – OPEC – Blueprint Newspapers Limited
Faced with uncertainties posed by the new Omicron version of COVID-19, Nigeria could retain its first place in crude oil production in Africa until the first quarter of 2022, according to extracts from the Organization of the Exporting Countries of petroleum (OPEC) suggested.
On November 26, 2021, the World Health Organization (WHO) designated variant B.1.1.529 as a variant of concern, named Omicron, on the advice of the WHO Technical Advisory Group on Virus Evolution ( TAG-VE). This decision was based on evidence presented to TAG-VE that Omicron has several mutations that may impact its behavior, such as how easily it spreads or how severe the disease it causes. Here is a summary of what is currently known.
Indeed, Nigeria’s plan is to go beyond the oil production target of 1.88 million barrels per day, including condensate production of between 300,000 and 400,000 barrels per day.
This month, it regained the top spot among crude oil producing countries in Africa, with national 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 production has remained below 1.55 million b / d.
However, oil exports represent 80 percent of Nigeria’s foreign exchange earnings. The government is determined that by 2022 there will be a different improvement from the sharp drop in income amid a drop in production through most of 2021.
For example, the current Organization of the Petroleum Exporting Countries (OPEC) report on oil production in Nigeria indicates that there has been an increase of 47,000 barrels per day from the 1.228 mb / d produced on average. in October 2021.
Libya, which took first place in Africa in October with 1.24 mb / d, fell to 1.211 mb / d in November.
According to secondary sources, OPEC-13’s total crude oil production averaged 27.72 mb / d in November 2021, up 0.29 mb / d month-over-month.