Nigeria’s crude oil production hits 1.43m bpd

Nigeria’s oil output has risen month-on-month, MoM to 1.43 million barrels per day, bpd in January 2024, from 1.34 million bpd recorded in December 2023, indicating an increase of 6.9 per cent. But on year-on- year, YoY, the nation’s output rose by 15.6 per cent to 1.43 million bpd in January 2024, from 1.23 million bpd recorded in the corresponding period of 2022.

The output excludes condensate, a light crude, which Nigeria has the capacity to produce between 300,000 bpd and 400,000 bpd, according to the Monthly Oil Market Reports, MOMRs of the Organisation of Petroleum Exporting Countries, OPEC, obtained by Vanguard. The development was attributed to some factors, especially the nation’s successful battle against oil theft, thus making Nigeria the highest African producer while Equatorial Guinea comes last with 54,000 bpd.