Nigeria’s oil production recorded a marginal drop in January 2024 by 3,000bpd to 1.419mbpd compared to the 1.422mbpd it recorded in the pror month of December 2023.
The Organisation of Petroleum Exporting Countries (OPEC), disclosed this in its
Monthly Oil Report released on Tuesday, quoting secondary sources.
The organisation, however said that Nigeria’s oil production rose from 1.33mbpd to 1.42mbpd, based on data obtained through direct communication.
According to the report, crude oil output increased mainly in the United Arab Emirates, Saudi Arabia and Venezuela, bringing the total crude production in the 12 OPEC states to average 26.34mbpd in January, down by 350,000 bpd.
Quoting secondary sources, OPEC, said: “Total OPEC-12 crude oil production averaged 26.34 mb/d in January 2024, lower by 350 tb/d, month-on-month. Crude oil output increased mainly in the UAE, Saudi Arabia and Venezuela, while production in Libya, Kuwait, Iraq and Algeria decreased.”
According to OPEC, preliminary data showed that global oil production in January decreased by 0.6 mbd to an average of 101.8 mbd compared with the previous month.
The report added: “Non-OPEC liquids production, including OPEC natural gas liquids is estimated to have decreased by 0.2 mbd, month-on-month in January to average 75.5 mbd. This is higher by 1.6 mbd, year-on-year.
“Preliminary estimated production decreases in January were mainly seen in the US and other Eurasia and were partially offset by rises in China, Canada and Brazil.
“The share of OPEC crude oil in total global production in January, decreased by 0.2 pp to stand at 25.9 per cent compared with the previous month.
“Estimates are based on preliminary data for non-OPEC supply, OPEC NGLS and non-conventional oil, while assessments for OPEC crude production are based on secondary sources.”
“Preliminary estimated production decreases in January were mainly seen in the US and other Eurasia and were partially offset by rises in China, Canada and Brazil.
“The share of OPEC crude oil in total global production in January, decreased by 0.2 pp to stand at 25.9 per cent compared with the previous month.
“Estimates are based on preliminary data for non-OPEC supply, OPEC NGLS and non-conventional oil, while assessments for OPEC crude production are based on secondary sources.”