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Nigeria’s oil output rises to 1.4m bpd – OPEC

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By Tayo ABIOLA

The Organisation of Petroleum Exporting Countries, OPEC, has disclosed that Nigeria’s oil output rose month-on-month, MoM, by 7.7 per cent to 1.4 million barrels per day, bpd, in December 2023, from 1.3 million bpd, recorded in the preceding month of November 2023.

OPEC, disclosed this in its Monthly Oil Market Reports, MOMRs, adding that the data were based on information from secondary sources.

According to the January 2024 MOMR, Nigeria remains the highest African oil-producing and exporting nation while Equatorial Guinea comes last with only 55,000 bpd.

However, Nigeria can also produce between 300,000 and 400,000 bpd of condensate, light crude that attracts high prices like Bonny Light in the international market.

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