Nigeria’s oil output increased month on month (MoM) by 7.7 percent to 1.4 million barrels per day (bpd) in December 2023, up from 1.3 million bpd in November 2023.
The Organisation of Petroleum Exporting Countries, or OPEC, stated this in its Monthly Oil Market Reports, or MOMRs, which Vanguard received, noting that the figures were based on secondary sources.
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According to the January 2024 MOMR, Nigeria remains the top African oil producer and exporter, with Equatorial Guinea coming in last at 55,000 bpd.
Nigeria, on the other hand, has the capacity to produce between 300,000 and 400,000 barrels per day of condensate, a light oil that commands high prices in the international market, similar to Bonny Light.