Nigeria has remained the highest African oil producing and exporting nation as its 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 November 2023.
The Organisation of Petroleum Exporting Countries, OPEC, disclosed this in its Monthly Oil Market Reports, MOMRs.
According to the January 2024 MOMR, although based on secondary data, Nigeria remains the highest African oil-producing and exporting nation, while Equatorial Guinea comes last with only 55,000 bpd.
However, OPEC noted that Africa’s most populous nation could also produce between 300,000 and 400,000 bpd condensate, a light crude that attracts high prices like Bonny Light in the international market.
Recall that in November, Nigeria’s oil output fell to 1.37 million barrels per day from October’s downwardly revised 1.39 bpd.
