By John Ikani
The latest Monthly Oil Market Report, (MOMR) released by the Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s oil production increased month-on-month (MoM) to 1.186 million barrels per day, bpd, in November 2022, up about 17 percent from 1.014 mb/d in October 2022.
The increase which is the second consecutive MoM rise in output, is reflective of efforts by the Nigerian Government and oil companies to address issues undermining official output figures which included theft, illegal refining and vandalism.
However, on Year-on-Year, YoY, the nation’s oil output shows huge 4.67 percent decline to an average of 1.135 mb/d in the first 11 months (January – November) of 2022, from 1.191 mb/d recorded in the corresponding period of 2021.
It would be recalled that that OPEC had in October 2022 reported 1.014 mb/d output for Nigeria, a significant rise from the September figure of 938,000.
With the positive turn in the sector, Nigeria appears set to meet its 1.8 mb/d quota given by the OPEC.
