The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that Nigeria experienced a decline in crude oil production in January 2024. The intergovernmental organization conveyed this on Tuesday, in its February Monthly Oil Report.
In January 2024, the nation’s crude oil production decreased by 3,000 barrels per day (bpd), reaching 1.419 million bpd, compared to 1.422 million bpd in December 2023.
According to secondary sources cited by OPEC, the total crude oil production by OPEC’s 12 member countries averaged 26.34 million bpd in January 2024. This marked a month-on-month decrease of 350,000 bpd. Notably, crude oil output increased in the United Arab Emirates, Saudi Arabia, and Venezuela, while Libya, Kuwait, Iraq, and Algeria saw a decline.
It’s important to note that Nigeria’s oil production, based on direct communication data, showed a rise from 1.33 million bpd to 1.42 million bpd.
In contrast, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, reported a higher average of 1.586 million bpd, inclusive of 1.33 million bpd of liquid output and 256,000 bpd of condensate oil production. Despite this variance, Nigeria’s crude oil production remains below its 2024 budget target of 1.78 million bpd.
Maintaining or exceeding oil production targets is critical for Nigeria, whose 2024 budget heavily relies on revenue generated from crude oil sales.
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