Nigeria retains high spot in Africa as OPEC’s oil manufacturing rises in November 

Nigeria has maintained its high spot as Africa’s largest oil producer, in line with the Organisation of the Petroleum Exporting International locations (OPEC).

In its Month-to-month Oil Market Report (MOMR) for November, OPEC revealed that Nigeria’s oil manufacturing rose to 1.48 million barrels per day (bpd) in November, up from 1.33 million bpd the earlier month.

This improve solidified Nigeria’s place because the continent’s main oil producer, surpassing Algeria’s 908,000 bpd and Congo’s 268,000 bpd.

OPEC mentioned it relied on main information gotten by direct communication, noting that secondary sources reported 1.417 million bpd as Nigeria’s crude manufacturing in November — up from 1.4 million bpd in October.

The info additionally exhibits that OPEC’s whole oil manufacturing amongst its 12 members rose by 104,000 barrels per day (bpd) within the month underneath evaluation.

“In accordance with secondary sources, whole OPEC-12 crude oil manufacturing averaged 26.66 mb/d in November 2024, which is 104 tb/d increased, m-o-m. 

“Crude oil output elevated primarily in Libya, Iran, and Nigeria, whereas manufacturing in Iraq, Venezuela, and Kuwait decreased”, OPEC mentioned.

“On the similar time, whole non-OPEC DoC crude oil manufacturing averaged 14.01 mb/d in November 2024, which is 219 tb/d increased, m-o-m. Crude oil output elevated primarily in Kazakhstan and Malaysia,” the organisation added.

Saudi Arabia and Iraq, the 2 largest oil producers in OPEC, maintained their dedication to manufacturing cuts. Saudi maintained its round 9 million bpd output whereas Iraq’s output dropped by 45,000 bpd to 4.043 million.

What you must know 

Nigeria is brief however near assembly its OPEC quota of 1.5 million barrels per day.

• The identical quota was accredited for Nigeria for the yr 2025, because it failed to satisfy this goal all through 2024.
• Nigeria has been handicapped from reaching by persistent crude oil theft and pipeline vandalism, particularly within the Niger Delta area.
• OPEC inspired its members to chop manufacturing from January 2025 as a way to keep answerable for international oil costs, giving exemption solely to Iran and Libya because of Western sanctions and political instability, respectively.
• The OPEC+ group, comprising OPEC and 12 non-OPEC oil producers led by Russia determined to delay manufacturing cuts to April 2025. This delay should have inspired November’s manufacturing rise.

Nigeria has set a manufacturing goal of two.06 million barrels per day (inclusive of condensates.) The federal authorities needs to succeed in this goal by mid-2025.