The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria ended 2022 as Africa’s largest oil producer.
According to OPEC, Nigeria in the month of December recorded a four percent increase in oil production to 1.235 million barrels per day, from 1.186 mb/d in November 2022.
While on Year-on-Year, YoY performance, the nation’s oil output also increased to 1.235 mb/d in December 2022, from 1.197 mb/d in the corresponding period of 2021.
OPEC disclosed this in its January 2023 Monthly Oil Market Report, MOMR obtained by Ripples Nigeria from its website.
In 2022, Nigeria’s oil production fell heavily amid reports of increased oil theft. In fact, NNPC reported that it lost 95 percent of oil production to thieves at Bonny Terminal, Rivers State.
