Nigeria has solidified its position as the top oil-producing and exporting nation in Africa, with a significant increase in oil output to 1.4 million barrels per day in December 2023, marking a 7.7% rise from the previous month’s 1.3 million barrels per day. The Organization of the Petroleum Exporting Countries (OPEC) revealed these findings in its January 2024 Monthly Oil Market Reports (MOMR).
The latest MOMR underscores Nigeria’s continued dominance in African oil production, while highlighting Equatorial Guinea’s significantly lower output of just 55,000 barrels per day, positioning it at the bottom of the list of African oil-producing nations as per OPEC’s data. OPEC also pointed out that Nigeria’s oil production may include an additional 300,000 to 400,000 barrels per day of condensate, a valuable light crude similar to Bonny Light, which commands favorable prices in the global market.
The report also referenced a decline in Nigeria’s oil output to 1.37 million barrels per day in November, following a downward revision from October’s 1.39 million barrels per day.
Nigeria’s consistent performance in the oil market, exemplified by its growing production levels, solidifies its role as a major player in the global energy landscape. OPEC’s insights shed light on Nigeria’s significant contribution to the international oil market, underscoring its influence on global supply and pricing dynamics.
