A view shows oil terminal Kozmino near Nakhodka
Reuters

In significant economic development for Nigeria, the crude oil production of the West African nation rose above 1 million barrels per day to scale an average of 1,014,485 BPD in October 2022.

According to the October Crude Oil Production Report issued by the Nigerian Upstream Petroleum Regulatory Commission (UPRC), July this year was the last time that the crude oil production output had averaged more than 1 million barrels per day, with 1,083,899 BPD output, reported nairametrics.

This is the highest the country's oil production has risen in five months, reports Business Day.

The report by the Nigerian Upstream Petroleum Regulatory Commission cites further that the daily production for October was 1,014,485, significantly higher compared to 972,000 BPD in the month of August, and 937,000 in the month of September.

As stated earlier by the NUPRC, the production output which came out of 13 of Nigeria's 29 crude oil terminals faced a drastic decline between the months of July and September 2022, which greatly contributed to the falling numbers of the oil mines of the nation.

The measly level of production output is connected to a great extent to huge amounts of oil theft in the Niger Delta Region, which is a major worry for oil producers and the authorities.

According to the NUPRC data, Bonny, Forcados and Brass are among the worst-hit crude terminals that saw production output decline by 79%, 40.5%, and 96.5% in the months during which production levels were under review.

Out of the three terminals, the highest loss was recorded by Forcados, i.e. over 3 million barrels in July to a little over 100,000 barrels two months later, in September.

In a similar vein, the output of crude oil from Bonny was 799,294 in July, a reasonably high amount, before it declined to 749,463 in August, before tapering to 167,582 in September.

As far as the Brass terminal is concerned, the output was 290,227 in July, 270,932 in August and 172,814 in September. In the same vein, the production output from Forcados was 3,858,188 in July, 208,430 in August and 134,437 in September.