Drums of oil

The latest Monthly Oil Market Report (MOMR) by Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s oil rigs count fell from 16 to eight between 2019 and 2022, underscoring the magnitude of challenges the country has faced in producing its OPEC monthly allocation. The MOMR showed that while the average rigs count was 16 in 2019, it fell to 11 to 2020, and then further to seven in 2021. In the first quarter of 2022, the count was eight, it was 11 in the second quarter of the year, and again fell to nine in the third quarter this year, according to the OPEC data. In September this year, the total number of rigs were seven and although it rose by one, to eight in October, it was still half the number Nigeria had in 2019 when the industry hadn’t been hobbled by production issues. OPEC had not released November figures for rigs at the time of going to press. During the period, Algeria’s also fell from 45 to 32, Angola’s grew from four to nine, while Libya’s rigs count slumped from 14 to six.
THISDAY