Nigeria’s crude oil output, excluding condensate, dropped month-on-month, MoM by seven per cent to 1.3 million barrels per day, bpd in February 2024, from 1.4 million bpd in January 2024.
Organisation of Petroleum Exporting Countries, OPEC, disclosed this in its March Monthly Oil Market Report, MOMR.
Year-on-year, the nation’s oil output remains unchanged, with 1.3 million barrels per day (bpd) recorded in the corresponding period of 2023.
According to the OPEC report, Nigeria maintains its position as the highest African oil-producing country, while Equatorial Guinea trails behind with 47,000 bpd.
Speaking anonymously, an expert noted that Nigeria’s total output could exceed 1.6 million bpd, considering its capacity to produce between 300,000 and 400,000 bpd of condensate, a light crude that commands a high price in the international market.
This suggests that the situation would not have a negative impact on the 2024 budget, based on projections of 1.78 million bpd and $78 per barrel.
In January 2024, Nigeria’s oil output rose month-on-month to 1.43 million bpd from 1.34 million bpd in December 2023, marking a 6.9% increase.
Additionally, year-on-year, the nation’s output increased by 15.6% to 1.43 million bpd in January 2024, compared to 1.23 million bpd in the corresponding period of 2023.
These figures exclude condensate, which Nigeria has the capacity to produce between 300,000 bpd and 400,000 bpd, as reported in the Monthly Oil Market Reports (MOMRs) of the Organisation of Petroleum Exporting Countries (OPEC)
