CEM REPORT | Nigeria’s crude oil production for August declined to 972 thousand barrels per day (t/bpd) according to the Organization of Petroleum Exporting Countries (OPEC) monthly oil market report.
While the total crude oil production from OPEC members averaged 29.65 million barrels per day in August 2022, indicative of an increase by 618, thousand barrels per day, month-on-month, Nigeria contributed a decline of 112 thousand barrels per day from 1.084 million barrels per day in July 2022.
The report states that global crude oil demand was expected to grow by 3.1 million barrels per day in 2022 and by 2.7 million barrels per day in 2023.
According to the report, the global economic growth forecast for both 2022 and 2023 remained unchanged at 3.1%,
From the August report, demand for OPEC crude in 2022 remained unchanged standing at 28.9 million barrels per day, which is around 0.9 million barrels per day higher than in 2021.
Furthermore, from the report economies of OPEC member countries like Saudi Arabia, and the United Arab Emirates observed an upward trend, largely due to supportive economic policies, large-scale energy investments and gains made from higher energy prices.
[READ ALSO] Crude Theft: NNPC Launches Whistle Blower App
A reason for the decline in Nigeria’s production can be traced to a statement reported by CEM where, Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Limited said, Nigeria is losing 95% of oil output to criminals at oil hub Bonny, and Nigeria can only secure 3,000 barrels out of 239,000 barrels injected into the pipeline from Bonny Terminal.