Nigeria experienced a slight decline in crude oil production to 1.42 million barrels per day in January 2024, as reported by the Organization of the Petroleum Exporting Countries (OPEC).
This reflects a decrease of 3,000 barrels per day (0.21%) from December’s production of 1.422 million barrels per day, according to secondary sources.
Despite the Federal Government’s projection of 1.78 million barrels per day in the 2024 budget, the actual production, based on direct communication data, rose from 1.33 million barrels per day to 1.42 million barrels per day.
President Bola Tinubu’s budget proposal aimed at surpassing the current crude oil production, as the nation heavily relies on crude oil proceeds, which form a major part of the Nigerian government’s revenue.
The OPEC Monthly Oil Report for February 2024 highlighted an increase in crude oil output primarily in the United Arab Emirates, Saudi Arabia, and Venezuela, while the total crude production across the 12 OPEC states averaged 26.34 million barrels per day, decreasing by 350,000 barrels per day.
Global liquids production in January saw a preliminary decrease of 0.6 million barrels per day to an average of 101.8 million barrels per day, with non-OPEC liquids production estimated to have decreased by 0.2 million barrels per day month-on-month, yet higher by 1.6 million barrels per day year-on-year.
The report also noted changes in oil production in various countries, with the share of OPEC crude oil in total global production decreasing to 25.9% in January compared to the previous month.
In summary, Nigeria’s crude oil production fluctuated, falling slightly in January, and the global oil landscape experienced notable shifts, impacting both OPEC and non-OPEC production levels.
