The February 2023 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries (OPEC) shows that Nigeria’s oil production increased month-on-month by 1.9 percent from 1.235 million barrels per day (bpd) recorded in December 2022 to 1.258m bpd in January 2023.
Nigeria surpassed Angola that produced 1.050m bpd to become Africa’s leading producer while Equatorial Guinea came last with 55,000 bpd during the period, according to the report.
The report also showed that on a year-on-year basis, the January output was a 10 percent drop from the 1.399m bpd in January 2022.
On average, Nigeria crude oil production is at a current level of 1.183m bpd, up from 1.133m bpd last month and down from 1.559m bpd one year ago. This is a change of 4.41 percent from last month and -24.13 percent from one year ago.
