Nigeria maintained its position as Africa’s leading oil producer in November 2024, with production increasing to 1.48 million barrels per day (bpd) from 1.33 million bpd in October, according to OPEC’s Monthly Oil Market Report (MOMR). This growth outpaced Algeria’s 908,000 bpd and Congo’s 268,000 bpd. Secondary sources estimated Nigeria’s production at a slightly lower figure of 1.417 million bpd. OPEC reported a total production increase of 104,000 bpd across its 12 members, driven by Libya, Iran, and Nigeria, while Iraq, Venezuela, and Kuwait saw declines. Despite the rise, Nigeria remains short of its OPEC quota of 1.5 million bpd, hindered by crude oil theft and pipeline vandalism. Nevertheless, the West African country aims to reach a target of 2.06 million bpd by mid-2025.
SOURCE: NAIRAMETRICS
