Nigeria down two places to seventh, behind Algeria and Angola in Africa
By Jeph Ajobaju, Chief Copy Editor
Nigeria has shed two spots to rank seventh on the production list of the Organisation of the Petroleum Exporting Countries (OPEC), behind global leader Saudi Arabia as well as Algeria and Angola on the African continent.
OPEC Monthly Oil Market Report for November, which examined oil production in October, shows Nigeria’s output was 1.014 million barrels per day (mbpd).
Nigeria lagged at seventh positing after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola, and Algeria.
Angola produced 1.051 mbpd in October, Algeria (1.060 mbpd), Kuwait (2.811 mbpd), UAE (3.188 mbpd), Iraq (4.651 mbpd), and Saudi Arabia (10. 957 mbpd).
Venezuela produced 711 bd, and Equatorial Guinea 57 bd. Gabon, Libya, and Iran did not produce a single barrel in the month.
Nigeria once ranked fifth, with Angola and Algeria behind it in crude output. Africa’s largest economy is wading through a rough path, buffeted by oil theft and pipeline vandalism.
The PUNCH reports that between May and June, Nigeria lost N415 billion to the shutdown of nine crude oil terminals – Forcados, Qua Ibo, Bonny, Bonga, Voho, Erha, Brass, Ukpokiti, and Aje.
Crude oil losses included 258,000 in Forcados between 24 and 30 June; 1,470 mb in Qua Iboe from 15 to 30 June; 3, 545 mb in Bonny from 1 to 30 June; and 558,000 barrels in Bonga between 15 and 30 June.
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Non-oil export generates $2.59b in H1 2022
More than 4.146 million metric tonnes of non-oil products worth $2.593 billion were exported in the first half of the year spanning January to June (H1 2022), according to the Nigerian Export Promotion Council (NEPC).
NEPC Executive Director of NEPC Ezra Yakusak credited the feat to diversification from oil to non-oil sectors for foreign exchange (forex) earnings.
He disclosed in his first half year progress report the revenue is an increase of 62.37 per cent versus $1.59 billion in H1 2021 and above $981.442 million in H1 2020.
His words: “In spite of the global economic recession that affected most businesses in 2021, the sector recorded a significant growth in non-oil export.
“A total of 4,146,534 metric tonnes of product worth $2.593 billion were exported between January and June 2022.
“These figures were culled from the non-oil export performance reports of various pre-shipment inspection agents who are appointed by the Federal Government to determine the volume, value and destination of Nigerian non-oil export.
“The analysis from returns of these pre-shipment inspection agents indicates that the January-June 2022 export performance was the highest half year non-oil export performance since 2018.’’