ENUGU, Nigeria (VOICE OF NAIJA)- In January 2024, Nigeria experienced a slight decrease in crude oil production, with output averaging 1.419 million barrels per day (mbpd), down from 1.422 mbpd in December the previous year, according to the February Monthly Oil Report released by the Organisation of Petroleum Exporting Countries (OPEC) on Tuesday.
Quoting secondary sources, OPEC noted a 3,000 barrels per day (bpd) decline in Nigeria’s crude oil production, despite increases in output from the UAE, Saudi Arabia, and Venezuela, and decreases in Libya, Kuwait, Iraq, and Algeria.
“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.
READ ALSO: Dangote Oil Refinery Receives First Shipment of Crude Oil, Prepares for Full Operation
However, data obtained through direct communication revealed a rise in Nigeria’s oil production from 1.33 mbpd to 1.42 mbpd.
Addressing the Petroleum Technology Association of Nigeria (PETAN) Sub-Saharan Africa International Petroleum Exhibition and Conference, Engr. Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, stated that Nigeria’s current oil production averages 1.586 mbpd, comprising 1.33 mbpd of liquid output and 256,000 barrels of condensate oil production.
It is worth noting that Nigeria’s crude production had increased month-on-month in December, yet remains below its 2024 budget target of 1.78 mbpd.
Nigeria’s budget implementation for 2024 heavily relies on revenue from crude oil sales.