Nigeria enjoys slight rise in oil production as output climbs to 1.4m barrels per day

NIGERIA enjoyed a 7.7% increase in the volume of its crude oil output during December as production rose to 1.4m barrels per day (bpd) from the 1.3m bpd recorded during the preceding month of November 2023.

Historically, Nigeria has had a daily output of 2.5m bpd, which has formed the basis of the quota given to the country by the Organisation of Petroleum Exporting Countries (Opec). Over recent years, however, problems such as dilapidating infrastructure, pipeline vandalism, sabotage, bunkering and sheer negligence have severely curtailed output.

This has led to Nigeria daily output dropping significantly but in its Monthly Oil Market Reports, Opec revealed that production is on the up again. As of January 2024, Nigeria remains the highest African oil-producing and exporting nation while Equatorial Guinea comes last with only 55,000 bpd.

However, Nigeria can also produce between 300,000 and 400,000 bpd of condensate, light crude that attracts high prices like Bonny Light in the international market. Unlike Middle East nations, Nigeria is unable to effect immediate repairs on damaged pipelines and clean up oil spills.