Nigeria’s Crude Oil Production Hits 1.5 million Barrels Per Day

The Organisation of the Petroleum Exporting Countries (OPEC) had said the country’s oil output rose to 1.48 million barrels per day in November from 1.33 million barrels per day in the previous month.

With the latest addition, this has brought the output count of Africa’s largest oil producer to 1.5 million barrels per day.

The Reuters survey – based on flows data from financial group LSEG, Kpler, OPEC and other sources – found that Nigeria exceeded its target by the largest amount.

It added that the production boost in the final month of last year came as a result of higher domestic usage in refineries such as Dangote and higher exports.

Business Post reports that about 395,000 barrels per day of crude oil were delivered to the Dangote Refinery in December under the crude-for-Naira deal with the federal government.

Also, Nigeria said in December it had resumed some operations at its Warri refinery after years of shutdowns.

The general OPEC basket pumped 26.46 million barrels per day last month, down 50,000 barrels per day from November, the survey showed on Tuesday, with the United Arab Emirates (UAE) providing the biggest drop (90,000 barrels per day) because of field maintenance followed by Iran which fell by 70,000 barrels per day.

The modest decline in output came as the wider OPEC+ group kept production cuts in place in December due to global demand concerns and rising output outside the group.

OPEC’s top two producers, Saudi Arabia and Iraq, kept output steady and the group pumped below its implied target for the nine members covered by supply agreements. Libya and Venezuela are exempted.

OPEC+ decided last month to postpone its plan to start raising output until April 2025.