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Nigeria’s crude oil production slightly declines in January 2024, says OPEC

Nation's output falls marginally, impacting global oil supply dynamics.

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According to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Report released on Tuesday for February 2024, Nigeria experienced a slight dip in its crude oil production in January compared to the preceding month, December 2023.

OPEC data revealed that Nigeria’s crude production dropped 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, as reported by secondary sources.

However, the report also noted a contrasting increase in Nigeria’s oil production, rising from 1.33 mbpd to 1.42 mbpd, based on data obtained through direct communication channels.

While Nigeria’s production experienced a nuanced shift, OPEC highlighted notable increases in crude oil output primarily in the United Arab Emirates, Saudi Arabia, and Venezuela. Yet, despite these spikes, the total crude production across the 12 OPEC states averaged 26.34 mbpd last month, representing a reduction of 350,000 bpd.

The report further delved into global oil supply dynamics, indicating a decrease in global liquids production in January by 0.6 million barrels per day to an average of 101.8 mbpd compared with the previous month.

Non-OPEC liquids production, including OPEC natural gas liquids, was estimated to have decreased by 0.2 mbpd month-on-month in January, averaging 75.5 mbpd, yet standing higher by 1.6 mbpd year-on-year.

Despite the nuanced fluctuations, Nigeria’s current oil output falls below the nation’s 2024 budget target of 1.78 mbpd, heavily reliant on crude sales proceeds.

In December 2023, Nigeria observed a rise in crude oil production to 1.418 mbpd, as reported by OPEC’s Monthly Oil Market Report for January 2024, showcasing a notable increase from 1.319 mbpd in November, according to secondary sources.

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