In October 2023, Nigeria maintained its status as the foremost crude oil producer in Africa for the second month in a row, producing 1.35 million barrels per day (mbpd) based on direct sources and 1.416 mbpd according to the Organization of the Petroleum Exporting Countries (OPEC) Monthly Oil Market Report (MOMR) report for November 2023.
This achievement marked an increase of 4,000 bpd based on direct sources and 17,000 bpd based on secondary sources compared to the previous month.
The OPEC report highlighted that, among the 13 major member countries, Nigeria, Angola, and Iran experienced an increase in crude oil output, while Libya,
Saudi Arabia, and Kuwait observed a decrease. Although Nigeria’s production remains below its OPEC quota of 1.74 mbpd, the positive trend in month-to-month crude oil output continued, with a notable rise from 1.181 mbpd in August, 1.347 mbpd in September, to 1.351 mbpd in October 2023 based on direct sources.
