31.1 C
Abuja
Sunday, February 25, 2024

Nigeria’s crude oil production surges to 1.418mbpd in December 2023, says OPEC

Despite challenges, the nation sees a notable increase, targeting a 2mbpd output in 2024

Must read

Nigeria experienced a surge in crude oil production, reaching 1.418 million barrels per day (mbpd) in December 2023, as reported by the Organization of the Petroleum Exporting Countries (OPEC) in its Monthly Oil Market Report for January 2024.

OPEC disclosed that Nigeria’s crude oil production witnessed a notable rise of 100,000 barrels per day (mb/d) compared to November, where it stood at 1.319 mb/d, according to secondary sources. The report, released on January 17, further highlighted that, based on direct communication, Nigeria’s oil production in December was recorded at 1.335 mbpd, up from 1.250 mbpd in the previous month.

While OPEC countries like Algeria, Congo, Iran, Libya, Kuwait, Saudi Arabia, and the United Arab Emirates reported a reduction in oil output, Nigeria and Iraq experienced an increase. The report stated, “Crude oil output increased mainly in Nigeria and Iraq, while production in Kuwait, Saudi Arabia, and IR Iran decreased.”

This upward trend in Nigeria’s oil production is noteworthy, considering challenges such as cases of oil theft and illegal refining sites in the Niger Delta region. Despite these hurdles, the Nigerian National Petroleum Company Limited (NNPCL) expressed ambitions to reach a production level of two million barrels of crude oil per day in 2024. At the time of the announcement, NNPCL claimed to be producing 1.67 million barrels of oil and condensates, emphasizing the need for enhanced security measures to combat pipeline vandalism and other mechanisms associated with oil theft.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article