Nigeria reclaims title of Africa’s largest oil producer in latest OPEC report.
Nigeria’s oil production in April 2024 surged to 1.28 million barrels per day (BPD) making the country the highest oil producer in Africa.
This increase showed that crude oil production in Nigeria increased month-on-month, (MoM), by 4% from 1.23 million BPD recorded in March 2024, to 1.28 million BPD, in April 2024,
OPEC measures crude oil production output by using data from two sources: direct communication – sourced from other OPEC member countries and secondary communication – sourced from energy intelligence platforms.
According to the OPEC Monthly Oil Market Report for April 2024, it was noted that information from secondary sources revealed that for April 2024, Nigeria came tops in Africa with production output of 1.34 million BPD, Algeria came second with 909,000 BPD, Republic of Congo came in third place with 271,000 BPD.
Gabon and Equatorial Guinea came in fourth and fifth positions with 219,000 BPD and 49,000 BPD respectively.
The report directly from OPEC countries also showed that Nigeria retained its position as the highest crude producer with an output volume of 1.28 million BPD. Angola retained second place with 907,000 BPD.
Congo remained in third position with a production output of 259,000 BPD while Equatorial Guinea came in fourth place with a production volume of 60,000 BPD.
Gabon had no production record.
From the report, Nigeria’s oil output report from secondary sources in April 2024 indicates a 3.6% drop from 1.40 million BPD produced in the preceding month (March 2024.)
The report, however, shows Nigeria’s oil production output increased Y-o-Y by 28% from 999,000 BPD in the corresponding period of 2023, to 1.28 million BPD in April 2024.
This corroborates the latest figures published by the Nigerian Upstream Petroleum Regulatory Commission, (NUPRC) stating that Nigeria’s crude oil output in April rose marginally by 4% to 1.28 million BPD compared to 1.23 million BPD recorded in March 2024.