Nigerian Crude Oil Output Dipped 12% in 2022

SEATTLE (Oil Monster): The statistics released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) suggests notable dip in crude oil production by the country during the previous year.

The Nigerian crude oil production was 1.235 million barrels per day (mbpd) in December 2022, registering a decline by 163,000 barrels per day or 11.6%. The country had lost its position as the leading African crude oil producer to Angola in Q2 and Q3 last year. It must be noted that the production had dropped significantly to 0.937 million barrels per day in September. On the contrary, the crude oil production gathered momentum in the final quarter of the year.

RELATED NEWS:

NNPC Denied Allegations of Illegal Crude Oil Export

Nigeria Expects Oil Output to Rise to 1.6 Million Barrels Per Day by Q1 2023

The country’s crude oil output registered steady decline from January to September in 2022. However, the Oct ’22 output climbed higher to hit high levels recorded at the beginning of the year. It continued to rise in the months of November and December as well. According to NUPRC data, the oil output in the last three months of 2022 stood at 1.08mbpd, 0.972mbpd, and 0.937mbpd respectively.

The crude oil exports by the country too recorded notable dip, falling from N5. 91 trillion in Q2 2022 to N4. 66 trillion in Q3 2022. The rampant crude oil theft incidents resulted in hefty losses to crude oil export revenues in Nigeria.