• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Nigeria drops to Africa’s third-biggest oil producer from top spot

3 years ago
in Economy, Energy, Features, highlights, Home, home-news, latest News, Markets, Trade
2 min read
0 0
0
86
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria drops to Africa’s third-biggest oil producer from top spot

Three months after losing its status as Africa’s biggest crude oil producer to Angola, Nigeria saw its oil output drop below that of Libya last month, according to the Organization of Petroleum Exporting Countries (OPEC).

OPEC’s latest monthly oil market report showed that Angola produced the most oil on the continent in August at 1.18 million barrels per day (bpd), followed by Libya with 1.12 million bpd and Nigeria with 1.1 million bpd, according to secondary sources.

Libya has not submitted its oil production data to OPEC, according to the report.

The OPEC report for September disclosed that Angola produced more crude oil than Nigeria for the fourth straight month, based on direct communication.

Africa’s largest economy saw its oil production fall by 112,000 bpd to 972,000bpd in August from 1.08 million bpd in July, based on direct communication.

Last month, the 13-member oil cartel, in its monthly oil market report, revealed that Nigeria’s oil production declined by 74,000bpd in July from 1.26 million bpd in June, based on direct communication.

RelatedPosts

Rektron Group Reaffirms $150m Offer for AT Ghana, Unveils Debt-Rescue Blueprint

Global Cocoa Buyers Begin $4bn Advances to COCOBOD for 2025/26 Crop Purchases

Multilateral Development Banks Hit Record $137 Billion in Climate Finance, Driving Sustainable Development Worldwide

On the other hand, Angola’s oil production declined by 1000 bpd in August, from 1.18 million bpd in July, based on direct communication.

OPEC uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries.

The Nigerian Upstream Petroleum Regulatory Commission, in its oil production status report for August 2022, revealed that Nigeria’s production declined to 972,394 bpd, down 30.22 percent compared to January’s output.

This decline in production, analysts say, is due to oil theft, vandalism, lack of investment and production shut-ins.

In addition, Nigeria recorded the greatest decline in production among its OPEC peers in August.

On a monthly average, the North Sea Dated-ICE Brent spread fell by a hefty $5.63 in August, which settled at a premium of $1.88/b, compared to a premium of $7.51/b in July.

According to secondary sources, the total OPEC-13 crude oil production averaged 29.65 million bpd in August 202, higher by 618,000 bpd month-on-month.

In addition, crude oil output increased mainly in Libya and Saudi Arabia, while production in Nigeria declined, the 13-member oil cartel said in the report.

Preliminary data indicates that global liquids production in August increased by 1.3 million bpd to average 101.3 million bpd compared with the previous month.

However, non-OPEC liquids production (including OPEC NGLs) is estimated to have increased in August by 0.7 million bpd month-on-month to average 71.6 million bpd, and was higher by 2.8 million bpd year-on-year.

The report said: The share of OPEC crude oil in total global production increased by 0.2 pp to 29.3 percent in August compared with the previous month.

“Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.”

Furthermore, for 2022, world oil demand growth remained unchanged from the previous month’s assessment at a healthy level of 3.1 million bpd.

“This includes the recently observed trend for additional oil demand growth due to fuel switching in power generation,” the report said.

The 13-member cartel also noted that total oil demand is projected to average 100.0 million bpd in 2022.

Source: businessdayng
Via: norvanreports
Tags: Africa’s biggest crude oil producerAngolaNigeriaNigeria drops to Africa’s third-biggest oil producer from top spotOrganization of Petroleum Exporting Countries (OPEC).
No Result
View All Result

Highlights

Ghana Water Company Limited Seeks Tariff Hike From GH¢5.28/m³ to GH¢20.09/m³

GoldBod to Begin Local Gold Refining in October 2025

Ghana Gold Board Unveils Transformative Initiatives for Gold Industry

GSE Composite Index Holds Steady at 7,172.44 points, YTD Return at 46.72%

Bolivia Secures 2026 World Cup Playoff Spot with Shock Win Over Brazil; Argentina Stunned by Ecuador

England Thrash Serbia, Haaland Stars in World Cup Qualifying

Trending

Business

Rektron Group Reaffirms $150m Offer for AT Ghana, Unveils Debt-Rescue Blueprint

September 10, 2025

Rektron Group Reaffirms $150m Offer for AT Ghana, Unveils Debt-Rescue Blueprint Canadian multinational conglomerate, Rektron Group Incorporated,...

Global Cocoa Buyers Begin $4bn Advances to COCOBOD for 2025/26 Crop Purchases

September 10, 2025

Multilateral Development Banks Hit Record $137 Billion in Climate Finance, Driving Sustainable Development Worldwide

September 10, 2025

Ghana Water Company Limited Seeks Tariff Hike From GH¢5.28/m³ to GH¢20.09/m³

September 10, 2025

GoldBod to Begin Local Gold Refining in October 2025

September 10, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.