KEY POINTS
- Nigeria maintained its lead in Africa’s oil production, rising to 1.48 million barrels per day in November.
- Secondary sources reported a slight increase in Nigeria’s production, marking resilience amid global energy demand changes.
- OPEC and NUPRC data show significant oil production growth, solidifying Nigeria’s position as Africa’s largest oil producer.
Nigeria maintained its status as Africa’s leading oil producer, with crude production increasing to 1.48 million barrels per day (bpd) in November 2024, as stated in a report published on Wednesday by the Organization of the Petroleum Exporting Countries (OPEC).
The report highlighted a rise from October’s 1.33 million bpd, keeping Nigeria ahead of Algeria, which produced 908,000 bpd, and Congo, which reported 268,000 bpd.
OPEC indicated that the data was derived from direct interactions with member nations.
Crude oil output surges
Secondary sources’ output indicated a slightly reduced, yet notable production of 1.417 million bpd in November, rising from 1.4 million bpd in October.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.66 mb/d in November 2024, which is 104 tb/d higher, m-o-m,” OPEC said.
“Crude oil output increased mainly in Libya, IR Iran and Nigeria, while production in Iraq, Venezuela and Kuwait decreased.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia.”
Domestic figures exceed OPEC estimates
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported an even higher production figure for November, at 1.69 million bpd, up from 1.53 million bpd in October.
Nigeria’s performance underscores its resilience in the global oil market, with efforts to stabilize and increase production amid global energy demand fluctuations.
Broader context
OPEC’s report highlighted gains in non-OPEC countries as well, with production in Kazakhstan and Malaysia contributing to a 219,000 bpd increase, bringing non-OPEC production to 14.01 million bpd.
As Africa’s largest oil producer, Nigeria’s sustained output bolsters its economic influence and ensures its role as a key supplier in the global energy market.
