In January 2024, Nigeria experienced a slight decrease in crude oil production compared to the levels observed in December 2023.
According to secondary sources, the Organisation of Petroleum Exporting Countries reported a decline in Nigeria’s crude oil production from 1.422 million barrels per day in December to 1.419 million barrels per day in January, marking a decrease of 3,000 barrels per day.
The information was disclosed in the Monthly Oil Report for February 2024, published by OPEC on Tuesday.
However, the report indicated that the country’s oil production increased from 1.33 million barrels per day to 1.42 million barrels per day, as per data acquired through direct communication.
OPEC revealed that the primary contributors to the rise in crude oil output were the United Arab Emirates, Saudi Arabia, and Venezuela.
It further mentioned that the combined crude oil production across the 12 OPEC member states averaged 26.34 million barrels per day last month, marking a decrease of 350,000 barrels per day.
“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.
“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.
The current oil production in Nigeria falls short of the country’s 2024 budget goal of 1.78 million barrels per day. The success of Nigeria’s 2024 budget is heavily reliant on revenue generated from crude oil sales.
In the meantime, a report from the Organisation of the Petroleum Exporting Countries revealed that Nigeria’s crude oil production increased to 1.418 million barrels per day in December 2023.
According to secondary sources, Nigeria’s crude oil production saw a rise of 100 thousand barrels per day, reaching 1.419 million barrels per day in January 2024, as reported by OPEC in its Monthly Oil Market Report for that month.
