Nigeria’s production of crude oil decreased slightly in January 2024, from 1.422 million barrels per day (mbpd) in December of the previous year to 1.419 million mbpd.
This was revealed on Tuesday in the February Monthly Oil Report published by OPEC, the Organization of Petroleum Exporting Countries.
According to OPEC, which cited secondary sources, the data indicates a 3,000 bpd decline in Nigeria’s crude oil production.
Secondary sources state that the average monthly production of crude oil produced by OPEC-12 in January 2024 was 26.34 million barrels, a decrease of 350 tb/d. According to the research, production of crude oil declined in Libya, Kuwait, Iraq, and Algeria while it climbed mostly in the United Arab Emirates, Saudi Arabia, and Venezuela.
However, based on information received through direct communication, the report stated that the country’s oil production increased from 1.33 million barrels per day to 1.42 million barrels per day.
The announcement was made by Engr. Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, during his speech on Tuesday at the Petroleum Technology Association of Nigeria, PETAN, Sub-Saharan Africa International Petroleum Exhibition and Conference. He stated that Nigeria’s oil production is currently averaging 1.586 million barrels per day, consisting of 256,000 barrels of condensate oil production and 1.33 million barrels of liquid output.
Nigeria’s oil output rose month over month in December.
The nation’s output, however, falls short of its 1.78 million barrels per day budget target for 2024.
The implementation of Nigeria’s 2024 budget is largely dependent on the sales profits from crude oil.