Nigeria’s crude oil production down 7% to 1.3m bpd

Latest figures from the Organisation of Petroleum Exporting Countries (OPEC) show that Nigeria’s crude oil output, excluding condensate, dropped month-on-month, by seven per cent to 1.3 million barrels per day, bpd in February 2024, from 1.4 million bpd in January 2024.

This despite efforts of the federal government increase production.

OPEC disclosed this in its March Monthly Oil Market Report (MOMR).

The report, however, showed that on year-on-year, the nation’s output remains flat as a similarly 1.3 million bpd was also recorded in the corresponding period of 2023.

The OPEC report also showed that Nigeria remains the highest African oil producing country while Equatorial Guinea lags behind with 47,000 bpd.

Nigeria’s oil output had risen MoM to 1.43 million bpd in January 2024, from 1.34 million bpd recorded in December 2023, indicating an increase of 6.9 per cent.

But 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 2023.

The output excluded condensate, a light crude, which Nigeria has the capacity to produce between 300,000 bpd and 400,000 bpd.