Nigeria Takes Back Number One Spot As Africa’s Largest Oil Producer, Jumps in World Ranking

• Nigeria is now the number one Africa's top oil producer OPEC has revealed in its latest report
• Increasing crude oil theft has in the last few months affected Nigeria's production
• This compelled the NNPC to hire private security, which appears to be working as Nigeria rises in the international oil producer rankings

The Organisation of Petroleum Exporting Countries (OPEC) has announced that Nigeria has regained its spot from Libya as Africa's largest oil producer

OPEC stated this in its Oil Market Report for December 2022, obtained from its website by Legit.ng.

According to the report, Nigeria's oil production from secondary sources average of 1.158 million barrels per day in November 2022 to regain the top spot in Africa ahead of Libya's 1.31 mb/d in November 2022.

The report also showed oil production figures by direct communication(which is the official figure submitted by NNPC) Nigeria's oil production increased to 1.186 million per barrel a day.

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The average crude oil price in the month of November is $87.38 per barrel.

When the 1.18 million barrels per day is calculated this means in 30 days Nigeria produced $97 million daily or $3.09bn(N1.33 trillion) within the month, worth of crude oil.

OPEC report reads:

“According to secondary sources, total OPEC-13 crude oil production averaged 28.83 mb/d in November 2022, lower by 744 tb/d m-o-m. Crude oil output increased mainly in Nigeria and Angola, while production in Saudi Arabia, the UAE, Kuwait and Iraq declined."

Africa's oil producers' secondary communication figures daily production

1. Nigeria- 1.158 million (From 4th in October 2022)
2. Libya- 1.133 million
3. Angola- 1.102 million
4. Algeria- 1.022 million
5. Congo- 259,000
6. Gabon- 207,000
7. Equatorial Guinea- 69,0000

Global-ranking oil producers

1. Saudi Arabia- 10.474 million
2. UAE- 3.037 million
3. Kuwait- 2.685 million
4. Iraq- 4.465 million
5. IR Iran- 2.559 million
6. Nigeria- 1.158 million(improvement from 8th in October 2022)

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Air Peace others get new rival as Kano billionaire buys N4.2bn aircraft

Meanwhile, in another report after receiving approval from the federal government, Rano Air will soon be flying over Nigerian airspace.

The airline is owned by Kano-born business mogul and oil magnate, Alhaji Auwalu Abdullahi Rano.

To kick off the airline operation, Rano has spent over N4.2 billion in buying new aircraft.

Source: Legit.ng