Breaking News: Nigeria Achieves Impressive 7.7% Increase In Oil Output, Reaching 1.4 Million Barrels Daily, According To OPEC

Breaking News: Nigeria Achieves Impressive 7.7% Increase In Oil Output, Reaching 1.4 Million Barrels Daily, According To OPEC....KINDLY READ THE FULL STORY HERE▶

In December 2023, Nigeria experienced a notable month-on-month increase in oil production, registering a 7.7% rise to reach 1.4 million barrels per day (bpd), compared to the previous month’s output of 1.3 million bpd in November 2023…….CONTINUE READING

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This information was revealed in the Monthly Oil Market Reports (MOMRs) published by the Organisation of Petroleum Exporting Countries (OPEC). The data, sourced from secondary references, highlights the growth in Nigeria’s oil production.

As of the January 2024 MOMR, Nigeria maintains its position as the foremost oil-producing and exporting nation in Africa. Conversely, Equatorial Guinea holds the lowest position with a production capacity of only 55,000 bpd.

Additionally, it’s noteworthy that Nigeria possesses the capability to produce a significant quantity of condensate, specifically between 300,000 and 400,000 bpd. Condensate refers to a type of light crude with characteristics similar to Bonny Light, fetching high prices in the international market.

For more detailed information on this development, stay tuned for upcoming updates.

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