The Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s oil output at 1.3 million barrels per day, bpd, in April 2022. This showed a decrease of 13.3 percent compared to 1.5 million bpd recorded in the corresponding period of 2021. Despite the low output, Nigeria remains the highest producer in Africa, while Equatorial Guinea is the least with 94,000 bpd, according to the May 2022 Monthly Oil Market Report, MOMR, of OPEC obtained by Vanguard, yesterday. However, the Nigeria’s figure excluded condensate, which the country has the capacity to produce between 300,000 and 400,000 bpd, but it is not clear if the actual output matches the capacity as the Nigerian National Petroleum Corporation, NNPC, does not give regular information on the product line. OPEC expects Nigeria to produce 1.773 million bpd in June 2022, as part of measures targeted at achieving market stability. But in an interview with […]