Petroleum industry in Nigeria
Nigeria's oil revenue has totaled $340 billion in exports since the 1970s and it is the fifth largest producer. Though Nigeria is a major oil exporter, it imports most of its gasoline, and when fuel subsidies were lifted in January 2012, fuel increased from roughly $1.70 per gallon to $3.50.
In August 2024, petroleum consumption for Nigeria was 436 thousand barrels per day. Though Nigeria petroleum consumption fluctuated substantially in recent months, it tended to increase through September 2014 August 2024 period ending at 436 thousand barrels per day in August 2024. The description is composed by our digital data assistant.
Nigeria Crude Oil Production 2024 Data Chart
Crude Oil Production in Nigeria averaged 1879.94 BBL/D/1K from 1973 until 2024, reaching an all time high of 2475 BBL/D/1K in November of 2005 and a record low of 675 BBL/D/1K in February of 1983. source: Organization of the Petroleum Exporting Countries This page provides the latest reported value for Nigeria Crude Oil Production plus
oil production in Nigeria is flared. The supply of electricity has also been unreliable. Politically, Nigeria achieved a major political feat in 2003 with successful elections marking the first civilian-to-civilian transfer of political power in the country’s history. However, governance problems continue and
THE IMPACT OF OIL ON NIGERIA’S ECONOMIC POLICY
Source: Central Bank of Nigeria, Changing Structure of the Nigerian Economy (2000) and Annual Report & Statement of Accounts (2002). Crude oil was first discovered in commercial quantities in Nigeria in 1956, while actual production started in 1958. It became the dominant resource in the mid-1970s. On-shore oil exploration accounts
Nigeria faces serious oil production problems, but a gradual rebound is starting. The huge economic potential of Africa's largest nation is undeniable and should make oil
List of countries by oil production
This is a list of countries by oil production, as compiled from the U.S. Energy Information Administration database for calendar year 2024, tabulating all countries on a comparable best-estimate basis. Compared with shorter-term data, the full-year figures are less prone to distortion from periodic maintenance shutdowns and other seasonal cycles.
This is a list of countries by oil production, as compiled from the U.S. Energy Information Administration database for calendar year 2024, tabulating all countries on a comparable best-estimate basis. Compared with shorter-term data, the full-year figures are less prone to distortion from periodic maintenance shutdowns and other seasonal cycles.
Nigeria Economic Outlook PwC
Nigeria’s oil-driven economy vulnerable to external shocks • The oil production curve continues to slope downward and below the 2 mbpd average target set by the central government • OPEC has lowered Nigeria’s oil production level to 1.685 mbpd. We expect this cut coupled with fluctuations in oil price and potential supply
Nigeria Crude Oil Production is at a current level of 2.15M, up from 2.10M last month and up from 1.93M one year ago. This is a change of 2.38% from last month and 11.40% from one year ago.
