June 13, 2024
Nigeria’s Oil Output Rises 30% To 1.6m Barrels Per Day
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Nigeria’s Oil Output Rises 30% To 1.6m Barrels Per Day

NIGERIA’s crude oil production, including condensate, rose year-on-year by 30 percent to 1.6 million barrels per day in October 2023, from 1.2 million bpd recorded in the corresponding period of 2022.

But on a month-on-month basis, the nation’s oil output dropped marginally by 0.7 percent to 1.562 million barrels per day in October 2023, from 1.572 million in the preceding month of September 2023.

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A close check on the production figures shows that the nation’s output, including condensate, stood at 1.5 million barrels per day in January 2023, then dropped to 1.3 million in April, before climbing to 1.6 million million barrels per day in September, the highest level of production so far in 2023.

However, despite the improvement in crude oil production at 1.6 million barrels per day, it remains significantly lower than the 2023 budget benchmark of 1.69 million barrels per day, and the OPEC quota of 1.7 million barrels per day.

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