Nigeria’s oil output has seen a significant increase, rising by 6.3% to reach 1.507 million barrels per day, according to the just-released January 2024 Monthly Oil Market Report (MOMR).
This boost is a welcome development for the country, which has been working to improve its oil production.
It’s worth noting that Nigeria’s oil production has been fluctuating over the years.
According to OPEC, the country’s average daily crude oil production rose by 3.4% to 1.352 million barrels in August. However, this latest increase of 6.3% to 1.507 million barrels per day is a more substantial gain.
As Africa’s largest oil producer, Nigeria’s oil sector plays a crucial role in its economy.
Although oil revenues contribute significantly to the country’s GDP, the sector still faces challenges, including infrastructure issues and fluctuations in global oil prices.
