Nigeria Records a Seven-Month High in Crude Oil Production
In line with analysts’ prognosis, the latest oil production data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that the country’s crude oil production increased to a seven-month high on storming efforts to curb oil theft. Analysts noted that the recovery of flows in some terminals, including Forcados, Bonny, and Escravos terminals, among others and the surveillance project of the NNPC Ltd are propelling the output growth. Crude oil output increased by +16.87% to 1.185mb/d in November from 1.014mb/d in October 2022, while total condensates increased by -5.84% to 228tb/d in November. Total production, including blended and unblended condensates, increased by +14.93% to 1.414mb/d in November from 1.230mb/d in October 2022. Analysts expect further improvement in December oil production figures (see chart 1 below).