In December 2022, Nigeria recorded her highest oil production since April 2022, the latest Platts survey by S&P Global Commodity Insights has revealed.
The country’s oil production has been faced with oil theft that has hampered exports and resulted in significant oil spills and loss of millions of naira.
However, the survey released on Wednesday showed that Nigeria’s volumes rebounded to the highest since April of 2022, producing 1.33 million b/d in December, contributing significantly to OPEC’s increased oil production in the period.
OPEC and its allies increased crude oil production by 140,000 b/d as OPEC’s 13 countries pumped 28.98 million b/d in December, an increase of 110,000 b/d from November, led by Nigeria, while 10 non-OPEC partners including Russia added 13.73 million b/d, a rise of 30,000 b/d.
When combined, the alliance produced 42.71 million b/d in December alone.
However, the report added that despite the overall increase, the alliance’s output still massively lags in its production targets, with the gap at 1.80 million b/d in December, adding that most members face technical or financial difficulties in sustaining output.
He said, “For us, we see a trajectory of restoring production including condensates within the year. We believe we can hit a target of 2.2 mb/d but our budget target is 1.8 mb/d, but we know that it is practical to do 2.2 mb/d within 2023.”