Connect with us

    Hi, what are you looking for?

    Oil and Gas

    Nigeria’s oil output rises further by 6.9% to 1.43m bpd — OPEC

    Nigeria’s oil output has risen month-on-month, MoM to 1.43 million barrels per day, bpd in January 2024, from 1.34 million bpd recorded in December 2023, indicating an increase of 6.9 per cent.

    According to the Monthly Oil Market Reports, MOMRs of the Organisation of Petroleum Exporting Countries, OPEC, year-on-year, YoY, the nation’s output rose by 15.6 per cent to 1.43 million bpd in January 2024, from 1.23 million bpd recorded in the corresponding period of 2023.

    The output excludes condensate, a light crude, which Nigeria has the capacity to produce between 300,000 bpd and 400,000 bpd, according to the Monthly Oil Market Reports, MOMRs of the Organisation of Petroleum Exporting Countries, OPEC.

    The increase in output was attributed to Nigeria’s successful battle against oil theft, thus making Nigeria the highest African producer while Equatorial Guinea comes last with 54,000 bpd.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The United States has reversed its visa restrictions on Ghana after the West African country agreed to accept west Africans deported by the United...

    Oil and Gas

    The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria took a dramatic turn on...

    E-Financial

    Shareholders of Unity Bank Plc have approved the proposed merger with Providus Bank Limited, marking a major milestone in the business combination of the...

    News

    Federal Government has described as false, baseless, despicable and divisive reports claiming that terrorists operating in Nigeria are engaged in a systematic genocide against...