Nigeria, Africa's celebrated giant, has once again reclaimed its privileged position as the continent's largest oil producer.
This development was revealed from the latest oil production data for November 2022.
According to monthly oil market report data released by the Organization of the Petroleum Exporting Countries (OPEC), Nigeria produced 1,186 mb/d of crude oil in November, overtaking its struggling neighbor Angola, which had previously held the top spot. Angola's total oil production slowed to 1,088 mb/d in November 2022. Third place went to Algeria, with total oil production of 1,021 mb/d in the same month.
Overall, OPEC reports showed that total crude oil production from all oil-producing countries averaged 28.83 mb/d in November 2022. The report further highlighted that the largest crude oil production in November came from Nigeria and Angola. There was a significant drop in production rates from countries such as Saudi Arabia, Kuwait, the United Arab Emirates and Iraq.
Despite the reduction in total oil production in Nigeria as a result of the oil theft that had caused the country to lose its status as Africa's largest oil producer. History seemed to have changed a little in November, with increased oil production restoring the country once again as Africa's largest oil producer today.
The major challenge for the country lies in making good use of its oil resources for development, which has always been an additional asset for the economic development of other oil-producing countries today.
