The latest report from the Organization of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s oil output, excluding condensate, experienced a significant increase. According to OPEC’s June 2023 Monthly Oil Market Report, Nigeria’s daily oil production rose by 15.6 percent to reach 1.3 million barrels per day (mb/d) in May, compared to the previous month’s output of 1.1 mb/d.
The data presented by OPEC is based on information obtained from secondary sources. This notable increase in production has positioned Nigeria as the highest oil producer in Africa, surpassing Angola, whose output stood at 1.1 mb/d. On the other hand, Equatorial Guinea has the lowest production rate with 56,000 barrels per day (bpd).
Additionally, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) released a separate report confirming the growth in Nigeria’s oil production, including condensate. In May, the average daily production reached 1.43 mb/d, marking a 14.4 percent increase. This figure includes 1.18 million barrels of crude oil, 0.065 million barrels of blended condensate, and 0.18 million barrels of unblended condensate.
Despite the positive growth in production, Nigeria still falls significantly short of its production quota of 1.8 million barrels per day assigned by OPEC and the benchmark of 1.69 million barrels per day set in the 2023 Federal Government’s budget.
These reports highlight the recent developments in Nigeria’s oil industry, showcasing both the growth in production and the ongoing challenges in meeting production targets.
