Nigeria has once again solidified its status as Africa’s leading oil producer, according to the latest report by the Organisation of the Petroleum Exporting Countries (OPEC). The report highlights an increase in Nigeria’s oil production for November 2024, reaching 1.48 million barrels per day (bpd), up from 1.33 million bpd in October.
This growth underscores Nigeria’s dominance in the continent’s oil industry, outperforming Algeria and Congo, which produced 908,000 bpd and 268,000 bpd, respectively, during the same period. OPEC’s data, based on direct communication, also noted a slight rise in Nigeria’s crude production to 1.417 million bpd in November, compared to 1.4 million bpd in October.
In its November 2024 Monthly Oil Market Report, OPEC observed a broader trend of increased crude oil production among its members. The organization stated:
“Total OPEC-12 crude oil production averaged 26.66 million barrels per day in November 2024, a month-on-month increase of 104,000 barrels per day. The rise was driven primarily by Libya, Iran, and Nigeria, while Iraq, Venezuela, and Kuwait saw declines.”
On a global scale, non-OPEC countries also experienced a surge in production, with Kazakhstan and Malaysia leading the charge. Total non-OPEC crude oil output rose to 14.01 million barrels per day in November, reflecting a month-on-month increase of 219,000 barrels per day.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) further confirmed Nigeria’s impressive performance, reporting an even higher production figure of 1.69 million bpd for November, up from 1.53 million bpd in October.
Key Drivers Behind Nigeria’s Oil Success
Nigeria’s ability to maintain its position as Africa’s top oil producer can be attributed to improved security measures in oil-producing regions, enhanced operational efficiencies, and investments in upstream projects. These factors have allowed the country to not only boost production but also strengthen its influence within OPEC.
The Road Ahead
As the global energy landscape evolves, Nigeria’s position as Africa’s oil powerhouse remains critical to its economic growth. However, sustaining and further increasing production levels will require continued investment in infrastructure, addressing challenges like oil theft and pipeline vandalism, and embracing new technologies to optimize output.
For Nigeria, the path forward involves balancing its role as a key OPEC member with the global push toward cleaner energy alternatives, ensuring it remains competitive in an ever-changing industry.
Conclusion
Nigeria’s achievement of retaining its position as Africa’s largest oil producer is a testament to its resilience and strategic advancements in the oil sector. With continued focus on innovation and operational excellence, the nation is well-poised to further solidify its leadership in the global energy market.