The Organisation of Petroleum Exporting Countries, OPEC,says Nigeria’s oil production has rose 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 last year.
The cartel,in its February 2023 Monthly Oil Market Report, MOMR,however, disclosed 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 this
According to the report, 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.
Recent oil production data released by Nigerian Upstream Petroleum Regulatory Commission, NUPRC,saidcondensate oil production for December was 178,313 barrels per day bringing total oil production to 1.4135 million per day during the month.