AEC: Nigeria’s Crude Oil Output to Witness Notable Surge in 2023

SEATTLE (Oil Monster): The African Energy Chamber (AEC), in its latest released State of African Energy Report, noted that Nigeria’s crude oil production is forecast to rise to 1.75 million barrels per day (bpd) in 2023, compared to anticipated production of 1.65 million bpd this year.

According to AEC report, the production outages at Nigerian facilities during the year resulted in Angola overtaking the country as the largest African crude oil producing country in 2022. The crude oil production rates are expected to see significant improvement in 2023. Over the period of next 18 months, the African crude oil and condensates output is expected to remain flat, accounting for almost 8% of the global output.

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Nigerian Crude Oil Terminals to See Huge Drop in Output

Among other major crude oil producing countries, Libya’s oil output is predicted to rise from 1.12 million bpd in 2022 to 1.3 million bpd in 2023. The Algerian output is likely to stay flat at around 1.2 million bpd. On the contrary, Angola’s oil output is expected to see marginal decline to 1.1 million bpd next year, compared with 1.13 million bpd in 2022.

Meantime, AEC predicts global crude production at 81.16 million bpd in 2022 and 85.3 million bpd in 2023.

Over the long-term, AEC expects African oil condensates output to remain flat through the decade, with marginal rise in the latter half of the decade.