Nigeria’s output of crude oil declines by 11.6% in 2022.

Nigeria’s crude oil output decreased by -11.6 percent (or 163,000 barrels per day) in 2017 to 1.235 million barrels per day (mbpd) in December 2022 as a result of oil theft and vandalism, which cost the nation money.

Angola overtook Nigeria as the continent’s top crude oil producer in the second and third quarters of 2022, with production falling to 0.937 million barrels per day in September.

Due to oil theft and vandalism, crude oil exports also fell at same time, from N5. 91 trillion in Q2 2022 to N4. 66 trillion in Q3 2022, costing the government money.

Ripples Nigeria discovered that crude oil production rebounded at the end of the fourth quarter, coming close to the output levels of the first quarter, based on data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the 12-month period of January to December 2022.

Read Also: New Naira Notes: Nigerians return N140bn to CBN in one month

In Q1 last year, between January to March, crude production was put at 1.398mbpd, 1.257mbpd, and 1.237mbpd respectively.

Nigeria produced 1.158 million barrels per day (mbpd) in June, 1.219 million in April, and 1.024 million in May during the second quarter.

It was discovered that 1.08mbpd, 0.972mbpd, and 0.937mbpd, respectively, were recorded for the third quarters of July, August, and September.

In the fourth quarter, production output reversed to levels seen in the first quarter, reaching 1.014 mbpd in October, 1.185 mbpd in November, and 1.235 mbpd in December.