In the latest update from the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production saw a marginal decrease in January 2024 compared to the previous month.
According to secondary sources cited by OPEC’s Monthly Oil Report released in February 2024, Nigeria’s crude production dropped from 1.422 million barrels per day (mbpd) in December 2023 to 1.419 mbpd in January, reflecting a decrease of 3,000 barrels per day.
However, contrasting figures emerged from data obtained through direct communication, indicating a rise in Nigeria’s oil production from 1.33 mbpd to 1.42 mbpd over the same period.
OPEC highlighted increases in crude oil output primarily from the United Arab Emirates, Saudi Arabia, and Venezuela, while noting decreases in production from Libya, Kuwait, Iraq, and Algeria.
The report also provided insights into global oil supply, indicating a preliminary decrease in global liquids production by 0.6 million barrels per day in January, averaging 101.8 mbpd compared to the previous month. Non-OPEC liquids production, including OPEC natural gas liquids, was estimated to have decreased by 0.2 mbpd month-on-month to average 75.5 mbpd, showing a year-on-year increase of 1.6 mbpd.
While production decreases were observed in the US and other Eurasian countries, rises were noted in China, Canada, and Brazil.
Nigeria’s current oil output falls below the nation’s 2024 budget target of 1.78 mbpd, with the country heavily relying on proceeds from crude sales to fund its budget.
Recall that In December 2023, Nigeria experienced an uptick in crude oil production, reaching 1.418 mbpd, as reported by OPEC in its Monthly Oil Market Report for January 2024. This marked an increase of 100 mbpd from November’s production figures.