Nigeria’s Crude Oil Output Drops 7% to 1.3 Million Barrels Per Day in February 2024

Nigeria’s crude oil output, excluding condensate, saw a 7% month-on-month (MoM) decrease in February 2024, falling to 1.3 million barrels per day (bpd) from 1.4 million bpd in January 2024, according to the latest OPEC Monthly Oil Market Report (MOMR).

Despite this decline, Nigeria’s year-on-year (YoY) output remained flat, with the same 1.3 million bpd recorded in February 2023.

In contrast, the nation’s oil output had risen MoM to 1.43 million bpd in January 2024, from 1.34 million bpd in December 2023, indicating a 6.9% increase. YoY, the country’s output rose by 15.6% to 1.43 million bpd in January 2024, from 1.23 million bpd in the corresponding period of 2023.

The OPEC report showed that Nigeria remains the highest African oil-producing country, with Equatorial Guinea lagging behind at 47,000 bpd.

Nigeria’s total output could potentially be higher, as the country has the capacity to produce between 300,000 and 400,000 bpd of condensate, a light crude that attracts high prices in the international market.

Despite the decline in crude oil output, an expert noted that the situation would not negatively impact Nigeria’s 2024 budget, which was based on 1.78 million bpd and a $78 per barrel benchmark.

The expert attributed the increase in output to the successful battle against oil theft, which has made Nigeria the highest African producer.

However, the recent 7% MoM drop in crude oil output highlights the need for continued efforts to maintain and increase production in Nigeria, as well as addressing any challenges that may arise in the oil and gas sector.