Nigeria maintained its place as Africa’s main oil producer in November 2024, with manufacturing growing to 1.48 million barrels per day (bpd) from 1.33 million bpd in October, in response to OPEC’s Month-to-month Oil Market Report (MOMR). This progress outpaced Algeria’s 908,000 bpd and Congo’s 268,000 bpd. Secondary sources estimated Nigeria’s manufacturing at a barely decrease determine of 1.417 million bpd. OPEC reported a complete manufacturing enhance of 104,000 bpd throughout its 12 members, pushed by Libya, Iran, and Nigeria, whereas Iraq, Venezuela, and Kuwait noticed declines. Regardless of the rise, Nigeria stays wanting its OPEC quota of 1.5 million bpd, hindered by crude oil theft and pipeline vandalism. Nonetheless, the West African nation goals to achieve a goal of two.06 million bpd by mid-2025.
SOURCE: NAIRAMETRICS