Nigeria’s Crude Oil Production Decreases by 7% to 1.3 Million Barrels Per Day

Edited by Afolabi Hannah

Nigeria has experienced a 7% decrease in its crude oil production, falling to 1.3 million barrels per day in February 2024 from 1.4 million barrels per day the previous month, despite the federal government’s efforts to boost oil output. According to the March Monthly Oil Market Report (MOMR) by the Organization of Petroleum Exporting Countries (OPEC), the country’s year-on-year output has remained consistent at 1.3 million barrels per day compared to the same period in 2023.

Nigeria continues to hold its position as the top oil-producing country in Africa, with Equatorial Guinea producing only 47,000 barrels per day. It is estimated by an anonymous expert that Nigeria’s total production could exceed 1.6 million barrels per day when including condensate, a light crude oil that commands a high price similar to Bonny Light in the global market.

This slight drop in oil output is not expected to have a significant impact on the 2024 budget, which was based on projections of 1.78 million barrels per day and a price of $78 per barrel. In recent months, Nigeria saw an increase in oil production, reaching 1.43 million barrels per day in January 2024, up from 1.34 million barrels per day in December 2023, representing a 6.9% rise.

The improved output was linked to various factors, notably the country’s successful efforts to combat oil theft. Nigeria remains the leading oil producer in Africa, with Equatorial Guinea trailing behind at 54,000 barrels per day, according to OPEC’s Monthly Oil Market Reports.