Nigeria’s oil production declined to 1.19m bpd in December, lowest output in 2021-OPEC
The Organisation of Petroleum Exporting Countries (OPEC) has said that Nigeria’s crude oil production dropped by 78,000 barrels per day (bpd) in December, producing an average of 1.197 million barrels per day.
This is information is contained in the just-released OPEC’s Oil Market Report for January 2022.
It was gathered that Nigeria’s oil production output in December was the lowest it produced in 2021 partly due to non-functional refineries and the output outages in the country.
In December, Shell Petroleum Development Company of Nigeria (SPDC) had declared force majeure on Nigerian Forcados crude oil after a malfunctioning barge obstructed a tanker path.
OPEC had said Nigeria produced an average of 1.27 million barrels per day in November, topping Africa’s producers’ list.
Nigeria’s production declined sharply to 1.35 million barrels per day by 45,000 barrels per day (bpd) in October from about 1.40 million bpd in September in the same year.
In June, July and August, production averaged 1.31 million, 1.32m, and 1.24m bpd, respectively.
Accordingly, for March, April and May, the country produced 1.43 million, 1.37 million and 1.34 million bpd.
In the month of January and February, Nigeria’s oil output were 1.42 million and 1.43 million bpd.
OPEC’s total crude oil production averaged 27.88 million bpd in December, increasing by 170,000 bpd from November.
“Crude oil output increased mainly in Angola, Saudi Arabia, Iraq and the UAE, while production in Libya and Nigeria declined,” OPEC said.
The report noted that the share of OPEC crude oil in total global production remained unchanged at 28.3 percent, month-on-month.
