Nigeria’s crude oil production slightly decreased in January 2024 compared to December 2023.
According to the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s crude production dropped from 1.422 million barrels per day in December to 1.419 million barrels per day in January, a decrease of 3,000 barrels per day.
This information was included in OPEC’s Monthly Oil Report for February 2024, which was released on Tuesday.
However, the report also stated that Nigeria’s oil production increased from 1.33 million barrels per day to 1.42 million barrels per day, based on data obtained through direct communication.
OPEC has revealed that the production of crude oil has primarily increased in the United Arab Emirates, Saudi Arabia, and Venezuela.
The organization also stated that the combined crude oil production in the 12 OPEC member countries averaged 26.34 million barrels per day (mbpd) last month, which is a decrease of 350,000 barrels per day (bpd).
“According to 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 said.
According to the report, there has been a decrease in global liquids production in January. The preliminary data suggests that production has decreased by 0.6 million barrels per day (mbd) to an average of 101.8 mbd compared to the previous month.
“Non-OPEC liquids production, including OPEC natural gas liquids, is estimated to have decreased by 0.2 mbd, month-on-month in January to average 75.5 mbd. This is higher by 1.6 mbd, year-on-year.
“Preliminary estimated production decreases in January were mainly seen in the US and other Eurasia and were partially offset by rises in China, Canada and Brazil.
“The share of OPEC crude oil in total global production in January, decreased by 0.2 pp to stand at 25.9 per cent compared with the previous month.
“Estimates are based on preliminary data for non-OPEC supply, OPEC NGLS and non-conventional oil, while assessments for OPEC crude production are based on secondary sources,” the report stated.
Nigeria is currently producing less oil than what was targeted in the nation’s 2024 budget of 1.78 million barrels per day (mbpd).
The Nigeria’s 2024 budget relies heavily on revenue generated from the sale of crude oil.
