Nigeria Beats Libya, Algeria, Becomes Country With The Highest Oil Production

• The OPEC Reference Basket value fell by 6.8% month on month in April, averaging $68.98 per barrel, driven by lower prices across all crude oil benchmarks
• Despite recent tariff developments, the global economy is expected to grow steadily, with Nigeria’s economy remaining resilient due to exemptions on gas and oil exports
• African oil production saw varied output last month, with most countries producing less, except for Congo, which remained steady

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The OPEC Reference Basket (ORB) value decreased by $5.02, or 6.8%, month on month in April to average $68.98 per barrel, according to the Organisation of the Petroleum Exporting Countries' (OPEC) most recent monthly oil report.

Every ORB component’s price dropped in line with the benchmarks for crude oil.

The decline was also influenced by lower official selling prices for the majority of components in the three major marketplaces.

The ORB value was $74.82 per barrel so far this year, representing a decrease of $8.85, or 10.6%, compared to the previous year.

“West and North African Basket components – Bonny Light, Djeno, Es Sider, Rabi Light, Sahara Blend and Zafiro – fell by an average of $4.77, or 6.7%, month on month, to $66.85 per barrel, and multiple-region destination grades – Arab Light, Basrah Medium, Iran Heavy and Kuwait Export – decreased on average by $5.11, or 6.8%, month on month, to settle at $69.89 per barrel,” the report states.

“Murban crude fell by $4.90, or 6.7%, month on month on average to settle at $67.73 per barrel. The Merey component decreased by $4.38, or 7.2%, month on month, to settle at $56.72 per barrel,” it adds.

The research also emphasises how the global economy is still expanding gradually despite recent tariff developments.

While the growth prognosis for 2026 remains at 3.1%, the global economic growth forecast for 2025 has been reduced to 2.9%.

Furthermore, according to last month’s forecast, global oil demand is expected to increase by 1.3 million barrels per day annually in 2025.

The world economy is expected to grow despite recent tariff-related adjustments, and this trend is common for Nigeria, Africa’s largest oil producer.

Recent US tariffs are not anticipated to have a significant impact on Nigeria’s economy because of exemptions for gas and oil exports and the country’s limited trade with the US.

“The April 2025 Stanbic IBTC Bank Nigeria PMI eased slightly to 54.2 from a one-year high of 54.3 in March, but still marked the fifth consecutive month of expansion in the private sector.

Output growth accelerated to its fastest pace since January 2024, while employment rose for the fifth straight month to an eight-month high, as firms responded to stronger demand,” the OPEC report states.

“However, rising raw material costs and currency depreciation pushed input prices higher, leading to a further uptick in output charges.

"Although confidence weakened for the third consecutive month, businesses maintained their optimism about the year ahead despite these inflationary pressures,” it says.

According to OPEC’s report, these are the African nations that produced the most oil last month, measured in thousand barrels per day (tb/d).

Every other country on the list produced less oil, with the exception of Congo, which plateaued at zero, just like last month when it was the only one to record an increase.

FG grants approval for new oil project

Legit.ng reported that All necessary regulatory licences for the Kolmani Integrated Development Projects have been approved by President Bola Ahmed Tinubu.

According to the Nigerian National Petroleum Company Limited (NNPCL), oil exploration will resume at the project, which is situated between Bauchi and Gombe states.

The announcement was made during the groundbreaking ceremony for the permanent site of the Bauchi Oil and Gas Academy, Alkaleri (BOGAA), by Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil).

Source: Legit.ng