Nigeria has retained its position as Africa’s largest oil producer.
In its latest Monthly Oil Market Report (MOMR) released on Wednesday, the Organisation of Petroleum Exporting Countries (OPEC) said the country’s oil output increased to 1.48 million barrels per day (mbpd) in November from 1.33 mbpd in the previous month.
The cartel said the 1.33 mbpd was Africa’s largest in October.
In November, Algeria was rated second with 908,000 bpd, followed by Congo with an output of 268,000 bpd.
The OPEC secondary sources reported that Nigeria’s crude production increased to 1.417 million bpd in November — up from 1.4 million bpd in October.
The report read: “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.
“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.”
On Wednesday, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Nigeria’s crude oil production increased to 1.69 mbpd in November from 1.53 mbpd in October.
By: Babajide Okeowo
The post Nigeria retains spot as Africa’s biggest oil producer with 1.48mbpd appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.