Organisation of Petroleum Exporting Countries (OPEC)

The Organisation of Petroleum Exporting Countries, OPEC, says Nigeria’s oil output rose month-on-month by 7.7 per cent to 1.4 million barrels per day, bpd, in December 2023.

The country’s output was 1.3 million bpd in November 2023.

According to the January 2024 Monthly Oil Market Reports, Nigeria remains the highest African oil-producing and exporting nation while Equatorial Guinea comes last with only 55,000 bpd.

OPEC indicated it gets its crude oil production figures mainly from two sources, either as direct communication by member countries or by information released by secondary energy intelligence platforms.

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