In its February 2024 Monthly Oil Report, the Organization of Petroleum Exporting Countries (OPEC) revealed a slight decline in Nigeria’s crude oil production, down to 1.42 million barrels per day (mbpd) in January 2024. This figure represents a marginal decrease of 3,000 barrels per day (bpd) or 0.21% compared to December 2023, as reported by secondary sources.
Contrary to this, based on direct communication data, the nation’s oil output showed an increase from 1.33mbpd to 1.42mbpd in the same period.
President Bola Tinubu’s 2024 budget proposal aimed for Nigeria to exceed its current crude oil production levels. The budget, totaling N28.7 trillion, heavily relies on revenue from crude oil, a significant income source for the Nigerian government.
OPEC’s report also highlighted increases in crude oil production primarily in the United Arab Emirates, Saudi Arabia, and Venezuela, despite reductions in Libya, Kuwait, Iraq, and Algeria.
Globally, preliminary data indicated a 0.6 million barrels per day decrease in liquids production in January, averaging 101.8 million barrels per day compared to the previous month. Non-OPEC liquids production, including OPEC natural gas liquids, saw a month-on-month decrease of 0.2 million barrels per day to an average of 75.5 million barrels per day, yet remained 1.6 million barrels per day higher year-on-year.
The report noted declines in US and Eurasian production, offset by increases in China, Canada, and Brazil. The share of OPEC crude oil in total global production also decreased slightly to 25.9% in January.
It’s worth noting that in December 2023, Nigeria’s crude oil production had risen to 1.418mbpd, marking a significant increase from 1.319mbpd in November, as per OPEC’s Monthly Oil Market Report for January 2024.
