Nigeria’s Crude Oil Output Dipped in January, Says OPEC

SEATTLE (Oil Monster): The Organisation of Petroleum Exporting Countries (OPEC) said that Nigeria recorded marginal decline in crude oil production during the opening month of the current year, in comparison with December 2023.

According to data obtained from secondary sources, the Nigerian crude oil production witnessed a decline by 3,000 barrels per day (bpd) from 1.422 million barrels per day in December 2023 to 1.419 mbpd in January 2024, said the Monthly Oil Report published by OPEC.

The oil output by Nigeria stands below the country’s budget target of 1.78mbpd for the current year.

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The report noted that the crude oil production by the 12 OPEC states averaged at 26.34 mb/d in January 2024, down by 350 tb/d from the prior month. The output increased in the UAE, Saudi Arabia and Venezuela, while Kuwait, Algeria and Iraq recorded decreased output during the month.

The share of OPEC countries in total global production declined marginally by 0.2% to 25.9% in January, when compared with the previous month.

The global liquids production in January registered a decline by 0.6 mbd from December to average at 101.8 mbd, said preliminary data. Non-OPEC liquids production, including OPEC natural gas liquids, too posted decline in January.