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Nigeria’s oil output surges to 1.507mbpd, says OPEC

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Nigeria’s oil output, excluding condensate, increased to 1.507 million bpd in December 2024, from 1.477 million bpd in November 2024, according to the Organisation of Petroleum Exporting Countries (OPEC).

In the report released by the oil cartel in its January 2025 Monthly Oil Market Report (MOMR), on Wednesday, January 15, 2025, the organization disclosed that this was based on data obtained from secondary sources.

Year-on-year, (YoY) it increased by 6.3 per cent to 1.507 million bpd in December 2024, from 1.418 million bpd recorded in the corresponding period of 2023.

READ ALSO: Nigerian govt targets 3mbpd crude oil production by 2025

Continuing, the report noted that the ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline exports to the international market will likely weigh further on the European gasoline market.

“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets which will call for new destinations and flow adjustments for the extra volumes going forward” the report stated.

By Babajide Okeowo

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