Nigeria’s Oil Production Rises By 1.9% To 1.258 mb/d — OPEC

Nigeria’s oil production has risen month-on-month, MoM, by 1.9 per cent to 1.258 million barrels per day, mb/d, in January 2023, from 1.235 mb/d recorded in December 2022. The figures excludes Condensate.

The Organisation of Petroleum Exporting Countries, OPEC, in its February 2023 Monthly Oil Market Report, MOMR, obtained by Economic Confidential, however, indicated that on a year-on-year, YoY, basis, the January output was a massive 10 percent drop from the 1.399 mb/d in January 2022.

The report also shows that Nigeria, beat Angola that produced 1.050 mb/d to become Africa’s leading producer while Equatorial Guinea comes last with 55,000 barrels per day during the period.

Nigeria’s oil output in January 2023 remained significantly short of the 1.8 million barrels per day allocated to the country by OPEC.

Latest oil production data released by Nigerian Upstream Petroleum Regulatory Commission, NUPRC, showed that condensate oil production for December was 178,313 barrels per day bringing total oil production to 1.4135 million per day during the month.

Nigeria has so far failed to profit from high oil prices because its production has been curtailed by the activities of oil thieves and pipeline vandals in the Niger Delta.