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In December 2023, Nigeria’s oil output increased by 7.7% to 1.4 million barrels per day (bpd), making it the highest oil-producing and exporting nation in Africa.
This is according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Reports (MOMRs) in January 2024.
Equatorial Guinea had the lowest oil production in Africa, with only 55,000 bpd. Additionally, Nigeria has the potential to produce between 300,000 and 400,000 bpd of condensate, a type of light crude that commands high prices on the international market.
In November, Nigeria’s oil output had dipped to 1.37 million bpd.
