Nigeria experienced a marginal decline in crude oil production in January 2024, according to data released by the Organisation of Petroleum Exporting Countries (OPEC) in its February Monthly Oil Report.
OPEC disclosed on Tuesday that Nigeria’s crude oil production decreased to 1.419 million barrels per day (mbpd) from 1.422 mbpd recorded in December of the previous year.
The reported figure reflects a slight reduction of 3,000 barrels per day (bpd) in Nigeria’s crude oil production, as stated by OPEC, citing data from secondary sources.
“Total OPEC-12 crude oil production averaged 26.34 mb/d in January 2024, lower by 350 tb/d, month-on-month. Crude oil output increased mainly in the UAE, Saudi Arabia, and Venezuela, while production in Libya, Kuwait, Iraq, and Algeria decreased,” the report highlighted.
However, OPEC noted that Nigeria’s oil production slightly increased from 1.33 mbpd to 1.42 mbpd based on data obtained through direct communication channels.
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, provided further insights into Nigeria’s oil production during his address at the Petroleum Technology Association of Nigeria (PETAN) Sub-Saharan Africa International Petroleum Exhibition and Conference. Komolafe stated that Nigeria’s current oil production averages 1.586 mbpd, comprising 1.33 mbpd of liquid output and 256,000 barrels per day of condensate oil production.
This development follows an uptick in Nigeria’s crude production observed in December.
Despite the slight fluctuation in production, Nigeria’s output remains below its 2024 budget target of 1.78 mbpd. The country’s fiscal plans heavily rely on revenues generated from crude oil sales, underscoring the significance of oil production levels in economic planning and budget implementation.
