Nigeria’s Oil Output Jumps 7.7% to 1.4 Million BPD in December 2023

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Nigeria’s oil production witnessed a 7.7% MoM increase to 1.4 million barrels per day (bpd) in December 2023, up from 1.3 million bpd in November.

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OPEC’s Monthly Oil Market Reports revealed a 16.7% YoY surge. Nigeria, leading African oil production, holds potential for an additional 300,000 to 400,000 bpd of condensate.

Energy analysts express optimism for Nigeria’s 2024 budget execution based on improved oil output.

The positive trend is attributed to enhanced security in the Niger Delta, a key oil-producing region.

Minister Heineken Lokpobiri anticipates surpassing the 2024 budget target, aiming for two million barrels daily.

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