Nigeria Surpasses Saudi Arabia, Emerges Country With Most Increased Crude Oil Production in January

• A new report by the Organization of Petroleum Exporting showed that Nigeria increased its oil production more than other countries
• The country's Nigeria's crude oil production climbed by 91,000 barrels, according to data based on direct communication.
• With output increasing by 40,000 bpd to 802,000 bpd in December and 841,000 bpd in January, Venezuela came in second

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

The Organization of Petroleum Exporting Countries (OPEC) released its monthly oil market report for January on Tuesday, February 13, 2024.

The report showed that Nigeria emerged as the most increased crude oil producer during the first month of the year.

From 1.335 million barrels per day in December 2023 to 1.427 million barrels per day in January 2024, Nigeria's crude oil production climbed by 91,000 barrels per day using OPEC's crude oil production data based on direct communication.

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New Telegraph reported that Venezuela came second, with production rising by 40,000 bpd to 802,000 bpd in December and 841,000 bpd in January.

The UAE came next, increasing its output by 34,000 bpd from 2.891 mbpd in December to 2.925 mbpd in January.

Saudi Arabia produced 8.944 and 8.956 million barrels in December and January, respectively, a 12,000 barrel gain.

However, using secondary communication, OPEC's output dropped by 350,000 bpd from 26.692 mbpd in December to 26.342 mbpd in January.

OPEC said:

“According to secondary sources, total OPEC-12 crude oil production averaged 26.34 mb/d in January 2024, lower by 350 tb/d, m-o-m. Crude oil output increased mainly in the UAE, Saudi Arabia, and Venezuela, while production in Libya, Kuwait, Iraq, and Algeria decreased.”

Predicting a world forecast for 2024 and 2025, it said:

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“Non-OPEC liquids production in 2024 is forecast to grow by 1.2 mb/d to average 70.5 mb/d, including 50 tb/d in processing gains.”

“The main drivers for expected growth are the US, Canada, Guyana, Brazil, and Norway, while the largest declines are seen in Russia and Mexico."

Angola quits OPEC

Legit.ng reported that Angola announced that it would quit OPEC due to a disagreement over production quotas in response to the cartel's announcement last month to reduce output in 2019 significantly.

Minister of Mineral Resources and Petroleum Diamantino Azevedo stated that although the decision was not made hastily, the African nation's interests were no longer served by participation in OPEC.

The presidency cited Azevedo in a statement:

"We feel that Angola gains nothing by remaining in the organization at this moment and, in defence of its interests, it decided to leave."

Source: Legit.ng