According to the latest report from the Organisation of Petroleum Exporting Countries (OPEC), Nigeria experienced a minor decrease in crude oil production in January 2024 compared to December 2023.
The report states that Nigeria’s crude production dipped from 1.422 million barrels per day (mbpd) in December to 1.419 mbpd in January, marking a decrease of 3,000 barrels per day based on secondary sources.
However, data obtained through direct communication showed a slight increase in Nigeria’s oil production from 1.33 mbpd to 1.42 mbpd.
OPEC highlighted increases in crude oil output primarily from the United Arab Emirates, Saudi Arabia, and Venezuela, while noting decreases in Libya, Kuwait, Iraq, and Algeria.
Overall, the report indicates that total crude production among the 12 OPEC states averaged 26.34 mbpd in January, representing a reduction of 350,000 barrels per day.
Additionally, preliminary data suggests a global decrease in liquids production in January, down by 0.6 million barrels per day to an average of 101.8 mbpd compared to the previous month.
