In the face of uncertainties laid by the new Omicron version of the the COVID-19, Nigeria may continue her top spot position in crude oil production in Africa through the first quarter of the year 2022, snippets from the Organisation of Petroleum Exporting Countries (OPEC) has suggested.
On 26 November 2021, the World Health Organisation (WHO) designated the variant B.1.1.529 a variant of concern, named Omicron, on the advice of WHO’s Technical Advisory Group on Virus Evolution (TAG-VE). This decision was based on the evidence presented to the TAG-VE that Omicron has several mutations that may have an impact on how it behaves, for example, on how easily it spreads or the severity of illness it causes. Here is a summary of what is currently known.
This is because Nigeria plan is to go beyond oil production target of 1.88 million b/d, including condensate production of between 300,000-400,000 barrel per day .
This month she regained the top spot among crude oil producing countries in Africa with the nation’s crude oil production averaging 1.27 million barrels per day in November.
Nigeria has the capacity to pump around 2.2 million b/d of crude and condensate, but in recent months its output has been languishing below 1.55 million b/d.
However with oil exports accounting for 80 per cent of Nigeria’s foreign exchange revenue. The government is determined that in the year 2022 there will be an improvement different from the sharp drop in revenue amid a drop in production in the most part of the year 2021.
For instance the current Organisation of Petroleum Exporting Countries (OPEC) report on Nigeria oil production said there was an increment of 47,000 barrels per day when compared to the 1.228 mb/d produced averagely in the month of October 2021.
Libya, which clinched the top spot in Africa in October with 1.24 mb/d declined to 1.211 mb/d in November.
“According to secondary sources, total OPEC-13 crude oil production averaged 27.72 mb/d in November 2021, higher by 0.29 mb/d Month on Month.
