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Nigeria’s Crude Oil Production Increases to 1.41mbpd

Nigeria’s Crude Oil Production Increases to 1.41mbpd

Nigeria’s crude oil production reached 1.418mbpd in December 2023.

The increment was reported by the Organisation of the Petroleum Exporting Countries (OPEC) in their Monthly Oil Market Report for January 2024.

The development represents a significant increase of 100mb/d compared to November, according to secondary sources.

OPEC also revealed that, based on direct communication, Nigeria’s oil production in December stood at 1.335mpbd, up from 1.250mbpd in November.

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Also, other OPEC countries, including Algeria, Congo, Iran, Libya, Kuwait, Saudi Arabia, and the United Arab Emirates, experienced a decline in oil output during the same period.

The nation’s crude oil rise came despite challenges such as oil theft and illegal refining sites in the Niger Delta.

A statement regarding the crude oil rise said:

According to secondary sources, total OPEC-12 crude oil production averaged 26.70 mb/d in December 2023, higher by 73 tb/d, month-on-month. Crude oil output increased mainly in Nigeria and Iraq, while production in Kuwait, Saudi Arabia, and IR Iran decreased.”

Notably, the Nigerian National Petroleum Company Limited (NNPCL) disclosed plans to produce two million barrels of crude oil per day in 2024.

 

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