The Organisation of the Petroleum Exporting Countries stated Nigeria’s petroleum production increased to 1.418 mbpd in December 2023.
OPEC, in its Monthly Oil Market Report for January 2024, stated Nigeria’s petroleum production increased by 100mb/d, from 1.319 mbpd in November, according to secondary sources.
In the report launched on January 17, OPEC revealed, according to direct interaction, that the country’s oil production in December stood at 1.335 mpbd, as versus 1.250 mbpd in November.
The report showed that OPEC nations like Algeria, Congo, Iran, Libya, Kuwait, Saudi Arabia, and the United Arab Emirates suffered a decrease in the oil output in the duration under evaluation.
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“According to secondary sources, overall OPEC-12 petroleum production balanced 26.70 mb/d in December 2023, greater by 73 tb/d, month-on-month. Petroleum output increased generally in Nigeria and Iraq, while production in Kuwait, Saudi Arabia, and IR Iran reduced,” the report stated.
Nigeria’s oil production had actually increased in spite of cases of oil theft and prohibited refining websites in the Niger Delta.
In December, the Nigerian National Petroleum Company Limited revealed strategies to produce 2 million barrels of petroleum each day in 2024.
NNPCL stated this would considerably enhance the 1.67 million barrels of oil and condensates it declared to be producing at that time, stating it would allow Nigeria to satisfy the 2mbpd target set by OPEC.
Chairperson of the NNPCL Board, Mr Pius Akinyelure, who made the disclosure, nevertheless, confessed that conference such a target would need upgrading Nigeria’s security architecture to resolve pipeline vandalism and other systems released in oil theft.