Nigeria’s crude oil production, excluding condensate decreased month-on-month by 7 per cent to 1.3 million barrel per day in February 2024, from 1.4 million barrels per day recorded in January; despite the efforts of the federal government to increase oil production.
This was disclosed by the Organization of the Petroleum Exporting Countries in its March Monthly Oil Market Report, according to Vanguard.
Meanwhile, the nation’s output remains flat on year-on-year as similarly 1.3 million bpd was also recorded in the corresponding period of 2023.
However, the OPEC report shows that Nigeria is still Africa’s largest oil producer, while with 47,000 barrels per day, Equatorial Guinea continues to lag.
An expert, who pleaded anonymity, said Nigeria’s total output could be in excess of 1.6 million bpd as the nation has the capacity to produce between 300,000 and 400,000 bpd of condensate, a light crude that attract equally high price like Bonny Light in the international market.
This means that the budget for 2024 based on 1.78 million bpd and $78 per barrel would not be negatively affected by this situation.
In January 2024, Nigeria produced 1.43 million barrels of oil per day, compared to 1.34 million bpd in December 2023, implying an increase of 6.9 percent.
The output excluded condensate, a light crude, which Nigeria has the capacity to produce between 300,000 bpd and 400,000 bpd, according to the Monthly Oil Market Reports, of OPEC.
As a result, Nigeria became Africa’s largest oil producer, while Equatorial Guinea came last with 54,000 barrels per day, due to some factors, especially the country’s successful fight against oil theft.
