Nigeria’s crude oil production fell slightly to 1.42 million barrels per day in January 2024, according to the Organisation of Petroleum Exporting Countries (OPEC).
According to secondary sources, OPEC’s Monthly Oil Report for February 2024, which was released Tuesday, stated that the country’s oil output fell by 3,000bpd, or 0.21 percent, from 1.422mbpd in December.
The federal government predicted 1.78 million barrels per day in its 2024 budget.
According to the report, the nation’s oil output increased from 1.33mbpd to 1.42mbpd, based on data collected through direct communication.
President Bola Tinubu recommended in the 2024 budget that the nation strive to generate more crude oil than it presently does.
The N28.7 trillion budget is primarily dependent on crude oil revenues, which are the Nigerian government’s primary source of funding.
OPEC said that crude oil output climbed mostly in the UAE, Saudi Arabia, and Venezuela.
It said that total petroleum production in the 12 OPEC states averaged 26.34 million barrels per day in month, a 350,000-bpd decrease.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.34mb/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.
On world oil supply, it noted that preliminary data indicated that global liquids production in January decreased by 0.6 mbd to an average of 101.8 mbd compared with the previous month.
“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.”
According to the report, 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.
Meanwhile, Nigeria’s crude oil production rose to 1.418mbpd in December 2023.
OPEC, in its Monthly Oil Market Report for January 2024, disclosed that Nigeria’s crude oil production increased by 100mb/d, from 1.319mbpd in November, according to secondary sources.