New Telegraph

Nigeria led OPEC+ increased oil production in December – S&P survey

Nigeria’s improved crude oil production contributed significantly to increased production by the Organisation of Petroleum Exporting Countries and its allies (OPEC+) for December 2022, the latest Platts survey by S&P Global Commodity Insights has stated. According to the report, Nigeria produced 1.33 million b/d in December, which has been regarded as the country’s highest oil production since April 2022. It further stated that Nigeria experienced major recoveries in its loadings of major grades Forcados and Brass River, while maintenance at the Bonga Field was completed in mid-November.

The report also stated that OPEC and its allies increased crude oil production by 140,000 b/d. It revealed that OPEC’s 13 member countries pumped 28.98 million b/d in December, which is an increase of 110,000 b/d when compared with the oil cartel’s production in November.

It added that 10 non-OPEC partners including Russia added 13.73 million b/d, which is an increase of 30,000 b/d. A combination of the production of the alliance amounted to 42.71 million b/d in December alone. The survey, however, stated that in spite of the overall increase, the alliance’s output still massively lagged behind in its production targets, with a gap of 1.80 million b/d in December. It also noted that most members faced technical or financial difficulties in sustaining output during the period under review.

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