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Nigeria, Africa’s largest oil producer, increased oil production by 202,000 barrels per day (bpd) in January, compared to a recorded decline in December last year, as the major Oil cartel decided to maintain higher output, the most recent data from the Organization of Petroleum Exporting Countries (OPEC) has revealed.
According to the cartel’s report, which was released on Thursday, February 10, 2022, the country informed OPEC that its oil output increased by approximately 202,000 bpd, resulting in 1.40 million bpd in January.
In addition, the secondary sources also showed that Nigeria’s production increased to 1.40 million bpd in January from around 1.33 million bpd in December 2021, exceeding its OPEC quota of 1.701 million bpd.
According to secondary sources, Nigeria’s oil production increased by 81000 bpd from 1.33 million bpd in December to 1.40 million bpd in January, while Algeria, which follows Nigeria in the rear as the next Africa country, increased production from 965 thousand bpd to 970 thousand bpd, accounting for a minimal increase of only 5000 bpd.
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“Nigeria had the highest increase in output among its African peers in OPEC in January, trailing only the United Arab Emirates (UAE), Saudi Arabia, Kuwait, and Iran,” the secondary sources revealed.
OPEC uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries.
The 13-member oil cartel said its total crude production averaged 27.98 million bpd in January, up 600,000 bpd month on month, while noting that Nigeria, Saudi Arabia, the United Arab Emirates, and Kuwait were primarily responsible for the Crude oil output increase experienced in its total crude oil production, secondary sources revealed.
Data gleaned from the monthly OPEC report also revealed that, in terms of crude imports by source, Iraq maintained its lead in November, with a 30 percent share. Saudi Arabia came in second with around 22 percent, followed by the UAE with around 9 percent, and Nigeria came in fourth with around 7 percent.
However, in terms of import sources from outside the region, Russia maintained its lead in October with 2.9 million barrels per day, followed by Iraq with 1.1 million barrels per day, and the United States with 1.0 million barrels per day. According to the report, stronger flows were also seen from Nigeria and Algeria.
