- The organisation’s assessment was contained in its February Monthly Oil Report released on Tuesday
The Organisation of Petroleum Exporting Countries, OPEC, says Nigeria’s crude oil production marginally dropped in January 2024.
It disclosed that the crude oil output dropped to 1.419 million barrels per day (mbpd) in January from 1.422mbpd in December last year.
The organisation’s assessment was contained in its February Monthly Oil Report released on Tuesday
Accordingly, the figure represents a 3,000 bpd decrease in Nigeria’s crude oil production, OPEC said, quoting secondary sources.
“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.
However, the report noted that that the nation’s oil production rose from 1.33mbpd to 1.42mbpd, based on data obtained through direct communication.
The development comes as the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, disclosed that Nigeria’s oil production currently averages 1.586mbpd, made up of liquid 1.33mbpd output and 256,000 condensate oil production.
Komolafe made the disclosure while presenting an address at the Petroleum Technology Association of Nigeria, PETAN, Sub-Saharan Africa International Petroleum Exhibition and Conference, on Tuesday,
Nigeria’s crude production increased month-on-month in December.
Meanwhile, the country’s output is below its 2024 budget target of 1.78mbpd.
Nigeria’s 2024 budget implementation and macroeconomics dynamics rely heavily on proceeds from crude sales and ability to meet OPEC quota.