Nigeria’s oil production output, excluding condensate, has 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.
The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its March Monthly Oil Market Report (MOMR).
However, Nigeria’s year-on-year (YoY) crude oil output remains stagnant, with a similar 1.3 million barrels per day (bpd) recorded in the corresponding period of 2023.
Despite this, according to the OPEC report, Nigeria still maintains its position as the highest oil-producing country in Africa, while Equatorial Guinea trails behind with 47,000 bpd.
Subject matter experts have suggested that Nigeria’s total output could exceed 1.6 million bpd when factoring in condensate production, a light crude that commands high prices in the international market.
This suggests that the current situation is unlikely to have a negative impact on the 2024 budget, which was based on projections of 1.78 million bpd and $78 per barrel.
In January 2024, Nigeria’s oil output rose month-on-month (MoM) to 1.43 million bpd from 1.34 million bpd in December 2023, marking a 6.9% increase. On a YoY basis, Nigeria’s output saw a 15.6% rise to 1.43 million bpd in January 2024, compared to 1.23 million bpd in the same period of 2023.
These figures exclude condensate production, which Nigeria can produce between 300,000 bpd and 400,000 bpd, according to OPEC’s Monthly Oil Market Reports (MOMRs).
The uptick in output was attributed to various factors, including Nigeria’s successful efforts to combat oil theft, maintaining its position as the highest African producer, while Equatorial Guinea trails with 54,000 bpd.
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