The data from the Organization of Petroleum Exporting Countries (OPEC) has revealed that Nigeria is currently Africa’s largest oil producer.
Thje data also revealed that Nigeria increased oil production by 202,000 barrels per day (bpd) in January, compared to a recorded decline in December last year, as the major Oil cartel decided to maintain higher output,
According to OPEC’s report, which was released late last week, the country informed OPEC that its oil output increased by approximately 202,000 bpd, resulting in 1.40 million bpd in January.
In addition, the secondary sources also showed that Nigeria’s production increased to 1.40 million bpd in January from around 1.33 million bpd in December 2021, exceeding its OPEC quota of 1.701 million bpd.
However, from the secondary sources, Nigeria’s oil production increased by 81000 bpd from 1.33 million bpd in December to 1.40 million bpd in January, while Algeria, which follows Nigeria in the rear as the next Africa country, increased production from 965 thousand bpd to 970 thousand bpd, accounting for a minimal increase of only 5000 bpd.
Meanwhile, Nigeria had the highest increase in output among its African peers in OPEC in January, trailing only the United Arab Emirates (UAE), Saudi Arabia, Kuwait, and Iran,” the secondary sources revealed.
