In January 2024, Nigeria experienced a slight decrease in crude oil production, with output falling to 1.419 million barrels per day (mbpd) from 1.422 mbpd in December 2023, as revealed in the February Monthly Oil Report by the Organisation of Petroleum Exporting Countries (OPEC).
Based on data from secondary sources, OPEC reported a 3,000 bpd reduction in Nigeria’s crude oil production, with the country’s total output averaging 26.34 mb/d, showcasing a 350 tb/d month-on-month decline. Notably, crude oil production increased in the UAE, Saudi Arabia, and Venezuela, while production in Libya, Kuwait, Iraq, and Algeria decreased.
However, data obtained through direct communication indicated that Nigeria’s oil production actually rose from 1.33 mbpd to 1.42 mbpd. This was further emphasized by Engr. Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, during his presentation at the Sub-Saharan Africa International Petroleum Exhibition and Conference. Komolafe 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’s worth noting that Nigeria’s crude production had shown a month-on-month increase in December. However, the country’s current output falls short of its 2024 budget target of 1.78 mbpd, placing heavy reliance on crude sales proceeds for budget implementation.
