The recent Platts poll by S&P Global Commodity Insights has shown that Nigeria’s oil output reached its highest level since April 2022 in December 2022.
Oil theft has affected exports, caused substantial oil spills, and cost the nation millions of naira. It has also impacted the country’s ability to produce oil.
The survey, which was made public on Wednesday, revealed that Nigeria’s volumes recovered to the highest level since April 2022, producing 1.33 million b/d in December, which greatly boosted OPEC’s overall oil output during that time.
The 13 members of OPEC produced 28.98 million barrels per day in December, up 110,000 barrels per day from November. Ten non-OPEC partners, including Russia, added 13.73 million barrels per day, an increase of 30,000 barrels per day.
The disparity between the alliance’s output and its production goals was 1.80 million b/d in December, according to the report, which also noted that most members have trouble maintaining output due to technical or financial issues.
As of late, Forcados had a crude oil production rate of 6,579,692, a condensate rate of 593,980, and a combined total of 7,173,672 barrels for December 2022 as opposed to a combined total of 6,856,88 recorded for November 2022, according to data from the Nigerian Upstream Petroleum Regulatory Commission.
Brass, on the other hand, recorded a combined total of 626,208 for December 2022 as opposed to a combined total of 431,672 for November 2022. Brass had a crude oil production rate of 581,198, a condensate rate of 45,010, and a blended total of 626,208.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, stated that the nation could produce 2.2 million barrels of crude oil per day during a forum on January 11, 2023.
“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,” he said.
