By
Fawaz Adebisi
Nigeria has dropped to number seven on the Organization of the Petroleum Exporting Countries production list, in accordance with the organization’s Monthly Oil Market Report for November.
The oil production performance in October, was examined, which gave out the result, as countries below Nigeria now ranks higher.
In October, Nigeria’s output was just 1.014 million barrels per day, which made it rank seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria.
As Nigeria’s production was 1. 014mb/d in October, Angola produced 1. 051mb/d; Algeria, 1.060mb/d; Kuwait 2.811mb/d; UAE, 3.188mb/d; Iraq, 4.651mb/d; and Saudi Arabia, 10. 957mb/d.
While others like Gabon, Libya and Iran did not produce a barrel in the month, Venezuela’s production was 711b/d, and Equatorial Guinea’s was 57b/d.
According to reports, Nigeria used to rank fifth, with countries such as Angola and Algeria behind it in terms of crude oil production.
However, according to a report, it was revealed that the country lost N415bn to the shutdown of nine crude oil terminals within the space of two months as the affected terminals, Forcados, Qua Ibo, Bonny, Bonga, Voho, Erha, Brass, Ukpokiti and Aje were shut down between May and June 2022.
Therefore, crude oil losses recorded as a result of the shut-in include 258,000 from Forcados between June 24 and 30; 1,470mb from Qua Iboe from June 15-30; 3, 545mb from Bonny from June 1-30; and 558,000b from Bonga between June 15 and 30.
