Home News Finance Nigeria’s Crude Oil Production Dropped in January 2024- OPEC
FinanceNews

Nigeria’s Crude Oil Production Dropped in January 2024- OPEC

144

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.

 

 

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Rivers Crisis Youth Protesters Remove Wike's Statue in Obio-Akpor LGA
News

PDP BOT Chair Cautions Tinubu Against Declaring State of Emergency in Rivers

The Chairman of the Peoples Democratic Party, PDP, Board of Trustees, BoT,...

Turkey Wildfire
NewsWorld

Massive Wildfire In Southeast Turkey Kills 11, Injures Dozens

A massive wildfire swept through Turkey’s mainly Kurdish southeast, killing 11 people...

Gunmen Pregnant Woman Ogun
News

Gunmen Abduct Pregnant Woman Due For Delivery In Ogun State

Gunmen have kidnapped a pregnant woman, known as Mrs. Ogunbunmi, in Abeokuta,...

NewsSecurity

Personal Data of Nigerians Sold Online for 100 Naira — PIN

Sensitive personal and financial data of Nigerians are being sold online for...