As a result of Nigeria’s production troubles, Angola was able to surpass the country and become Africa’s largest oil producer
Nigeria is no longer Africa’s top oil producer following an abysmal oil production output in May, the biggest decline among its peers at a time oil was trading at $121.33.
According to data obtained from the Organization of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production reduced by 195,000 barrels per day (bpd) to 1.02 million bpd in May 2022 from 1.22 million in April 2022, based on direct communication.
Angola’s oil production also dropped, but with 1.16 million barrels per day, it is still more than Nigeria and has now taken the status as Africa’s largest producer of oil.
“Crude oil output increased mainly in Saudi Arabia, the UAE and Kuwait, while production in Libya, Nigeria, Iraq, Gabon and Iran declined.
“Preliminary data indicates that global liquids production in May decreased by 0.15 million bpd to an average 98.75 million bpd compared to the previous month.”
Russia keeps making money
A new report from the independent Centre For Research on Energy and Clean Air (CREA) has revealed that in 100 days of Russia’s war against Ukraine, Vladimir Putin’s country made $97 billion.
Notably, the European Union bought $59 billion worth of Russian oil accounting for a total of 61% of sales during the period, Vanguard reports.
Metrobusinessnews.com reported recently that the Nigerian National Petroleum Corporation (NNPC) has continued to embark on zero remittances to the federation account, while paying billions of naira as ‘under recovery’, or subsidy, payments that are still shrouded in secrecy.
The NNPC remitted the sum of N10.54 billion to the Federation Account Allocation Committee (FAAC) in November 2021 from the proceeds of sales of crude oil and gas in October.
It gave this account during a presentation to FAAC for the month of December 2021.
According to them, providing the amount generated alone without stating what was expended during the time under review on importation casts doubts on its acclaimed commitment to transparency, adding that making reference only to budget estimates are not enough.
NNP Limited in its monthly report claimed that it raked in about N1.7trillion from crude oil sales in the last 12 months.
According to the Corporation’s monthly and financial report for August, the sum was earned from March 2020 to March 2021 after it lifted a total of 108 million barrels of crude oil within the year, at an average price of $43 per barrel.