Nigerian crude oil production marginally decreased in January 2024 compared to December 2023.
According to secondary sources, Nigeria’s crude production fell by 3,000 barrels per day in January from 1.422 million barrels per day in December.
This was featured in OPEC’s February 2024 Monthly Oil Report, which was released on Tuesday.
However, according to the report, the nation’s oil production increased from 1.33mbpd to 1.42mbpd, based on data gained through direct communication.
OPEC said that crude oil output rose mostly in the United Arab Emirates, Saudi Arabia, and Venezuela.
It added that the total crude production in the 12 OPEC states averaged 26.34mbpd last month, reducing by 350,000 bpd.
“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.
On world oil supply, the report said preliminary data indicates that global liquids production in January decreased by 0.6 mbd to an average of 101.8 mbd compared with the previous month.
Meanwhile, Nigeria’s crude oil production rose to 1.418mbpd in December 2023, a report by the Organisation of the Petroleum Exporting Countries said.
OPEC, in its Monthly Oil Market Report for January 2024, said Nigeria’s crude oil production increased by 100mb/d, from 1.319mbpd in November, according to secondary sources.
