OPEC: Nigeria’s oil production hit 1.35mn bpd in October
Data from OPEC’s Monthly Oil Market report shows Nigeria topped the oil production chart in Africa in October with a production volume of 1.35 million barrels per day followed by Libya and Angola. Temitope Kolade, Senior Manager, Oil, Gas and Power Unit at Andersen Nigeria joins CNBC Africa to discuss this and other developments in the energy sector.
Tue, 14 Nov 2023 11:53:11 GMT
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AI Generated Summary
- Nigeria leads African oil production with 1.35mn bpd, overtaking Libya and Angola, as per OPEC report.
- Expert warns against overly optimistic targets, citing challenges like oil theft hindering production growth.
- Strategic governance and investment crucial for Nigeria to sustain production levels and navigate OPEC quotas amidst global economic shifts.
Nigeria has emerged as the leading oil producer in Africa, surpassing both Libya and Angola with a production volume of around 1.35 million barrels per day in October, according to data from OPEC's Monthly Oil Market report. Temitope Kolade, Senior Manager at Andersen Nigeria's Oil, Gas, and Power Unit, joined CNBC Africa to delve into this development and various other trends in the energy sector. During the interview, Kolade discussed OPEC's sentiments on the health of the oil market amid negative speculator influence and the impact of global economic shifts on oil prices. He also weighed in on the possibility of Brent crude hitting $98 per barrel by the end of the year and Nigeria's capacity to sustain and ramp up its oil production. As Nigeria aims to achieve 1.9 million barrels per day by year-end, Kolade emphasized the need for strategic intervention to address challenges like oil theft and illegal refineries that impede sector growth. Nigeria's progress in meeting its production targets hinges on robust investment and effective governance measures, rather than just deploying military solutions. Whether Nigeria can maintain its production levels and navigate OPEC quotas will be a key focal point in the upcoming November 26th meeting. The outcomes of this gathering will shape the trajectory of Nigeria's oil industry and its broader impact on the global energy landscape.
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