Nigeria’s oil production increased month over month (MoM) by 7.7% to 1.4 million barrels per day (bpd) in December 2023 from 1.3 million bpd in November 2023.
This was revealed by the Organization of Petroleum Exporting Countries (OPEC) in its Monthly Oil Market Reports (MOMRs).
OPEC also said that the figures were derived from secondary sources.
According to the January 2024 MOMR, Nigeria continues to be the largest oil-producing and exporting country in Africa, while Equatorial Guinea finishes bottom 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.