New Telegraph

Opec: Nigeria Exported Petroleum Worth $53bn In 2022

The value of Nigeria’s petroleum exports in 2022 was $53 billion, the Organisation of Petroleum Exporting Countries (OPEC) has said. It explained that this was an increase of $12 billion from the country’s export of $41 billion in 2021. These were contained in the 2023 OPEC Annual Statistical Bulletin seen by New Telegraph yesterday. The bulletin which is the 58th edition of the publication in a sub-headline of OPEC members’ Value of Petroleum Exports, stated that Saudi Arabia was $202 billion (2021), and $326 billion (2022); Iraq was $80 billion (2021), $121 bil- lion (2022); Kuwait $62 billion (2021), $95 billion (2022); United Arab Emirates (UAE) $55 billion (2021), $95 billion (2022); Angola $29 billion (2021) $41 billion (2022) and Algeria $23 billion (2021), and $33 billion (2022) among others.

The Annual Statistical Bulletin (ASB) is one of the flag- ship publications of OPEC. It provides detailed and comprehensive time series data covering all chains of the oil industry, ranging from exploration to transportation segments. The ASB is distinctive in providing comprehensive statistical data on oil and gas activities in each of the 13 OPEC member countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, the Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela.

The 58th edition report showed that world crude oil production increased in 2022 by 3.46 million barrels/day (mb/d) or 5.0%, year-on-year (y-o-y), marking the second consecutive annual increase since 2020, to an average of 72.80 million barrels per day (mb/d). It added that OPEC crude oil production rose by 2.53 mb/d, y-o-y, or 9.6%, while crude production by non-OPEC countries rose by 0.92 mb/d or 2.1%.

It said: “World oil demand grew by 2.49 mb/d, y-o-y, or by 2.6% to reach 99.56 mb/d in 2022. Oil demand grew, y-o-y, in almost every region and the largest gains were recorded for Organisation for Economic Co-operation and Development (OECD) Americas, OECD Europe, India, Other Asia, the Middle East and Africa. “Oil demand in OPEC member countries was bullish in 2022, gaining 0.57 mb/d or 6.9%, y-o-y.”

The report said distillates and gasoline accounted for around 54.9% of 2022 world oil demand with an upward trend during 2021 and 2022. It added that residual fuel oil requirements were about 6.7% of total oil demand in 2022. OPEC said: “World refinery capacity increased in 2022 by an additional 0.50 mb/d to stand at 101.77 mb/d. The Non- OECD region, particularly the Middle East and China recorded refining capacity additions, while the OECD declined for the fourth consecutive year in 2022.

“Globally, refinery throughput increased by 2.19 mb/d or 2.7% to reach 83.84 mb/d in 2022, amid robust oil demand.” The report stated that OPEC member countries exported an average of 21.39 mb/d of crude oil in 2022, a strong increase of about 1.73 mb/d, y-o-y, or 8.8%, remaining slightly below pre- pandemic levels.

It stated that following the pattern seen in previous years, the bulk of crude oil from OPEC member countries — 15.20 mb/d or 71.1% — was exported to Asia. It added that considerable volumes of crude oil — about 3.86 mb/d — were also exported to OECD Europe in 2022, compared with 3.27 mb/d recorded in 2021. OECD Americas imported 1.07 mb/d of crude oil from OPEC member countries, which was about 0.13 mb/d, or 13.9% above the 2021 volumes.

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