Oil output goes up by 6.3% to reach 1.507m bpd

Oil output goes up by 6.3% to reach 1.507m bpd

Nigeria’s oil output, excluding condensate, increased year-on-year (YoY) 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.

However, on a month-on-month (MoM) basis, the nation’s oil output, excluding condensate, increased by 2 per cent 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 its just-released January 2024 Monthly Oil Market Report (MOMR), obtained by Vanguard, the organization disclosed that this was based on data obtained from secondary sources.

Details shortly….