Despite the government’s efforts to produce more oil, Nigeria’s oil output dropped by seven percent in February 2024 compared to January 2024. This information comes from the Organization of Petroleum Exporting Countries (OPEC) in their March Monthly Oil Market Report.
However, when we look at the output from the previous year, it stayed the same at 1.3 million barrels per day.
According to the OPEC report, Nigeria is still the top oil producer in Africa, with Equatorial Guinea producing the least oil at 47,000 barrels per day.
An expert believes Nigeria could actually produce more oil, up to 1.6 million barrels per day, if we count condensate, which is a type of light crude oil. This shouldn’t affect the 2024 budget, which was based on producing 1.78 million barrels per day.
In January 2024, Nigeria’s oil output increased by 6.9 percent compared to December 2023. Year-on-year, there was a 15.6 percent increase in oil output compared to January 2023.
This increase was partly because Nigeria has been successful in fighting oil theft. So, Nigeria remains the top oil producer in Africa, with Equatorial Guinea producing the least oil at 54,000 barrels per day.
