In January 2023, Nigeria’s oil production increased by 1.9% month-over-month to 1.258 million barrels per day (mb/d), up from 1.235 mb/d in December 2022. Condensate is not included in the data.
However, the Organization of Petroleum Exporting Countries (OPEC) reported in its February 2023 Monthly Oil Market Report (MOMR), which Vanguard obtained yesterday, that the January output was a massive 10% lower than the 1.399 mb/d recorded in January 2022.
The report also reveals that Equatorial Guinea comes in last with 55,000 barrels per day over the same time period, while Nigeria surpassed Angola, which produced 1.050 mb/d, to become Africa’s leading producer.
In January 2023, Nigeria’s oil output remained significantly below the 1.8 million barrels per day that OPEC had allotted to the nation.
Condensate oil production for December was 178,313 barrels per day, according to the most recent data from the Nigerian Upstream Petroleum Regulatory Commission, or NUPRC. This brought the month’s total oil production to 1.4135 million barrels per day.
Due to the activities of oil thieves and pipeline vandals in the Niger Delta, Nigeria has not been able to profit from high oil prices so far.