Nigeria Reports Increase in Oil Production to 1.64 Million Barrels Per Day, Surpasses Saudi Arabia

• Nigeria’s crude oil production has risen to 1.64 million barrels per day in January 2024, per data from NUPRC
• The agency stated that the figure includes condensates, which recorded barrels per day in December 2023.
• Further breakdown of the data by NURPC shows that production from Bonny Terminal rose by 9.25% to 6.94 million during the review period

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The Nigerian Upstream Petroleum Regulatory Commission announced the development.

Apart from condensates, the output increased to 1.43 million barrels daily compared to the 1.34 million barrels recorded the previous month.

Nigeria's crude oil production on monthly increase

According to reports, in 2023, the average crude oil production by Africa’s largest oil producer was about 1.47 million barrels per day, a little below the projected 1.48 mbpd.

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Analysts have said persistent challenges such as pipeline vandalism and consistent shutdowns hampered crude oil production growth last year.

Breakdown of production

Further breakdown of the data by NURPC shows that production from Bonny Terminal rose by 9.25% to 6.94 million barrels in January 2024 from 6.3mbpd in December 2023.

Forcados Terminal’s crude oil production increased by 4.51% to 8.75 million barrels in January from the 8.37 million barrels produced in the previous month.

Escravos Terminal produced 4.24 million barrels in January, an increase of 3.55% from the 4.09 million barrels produced in December 2023.

Production at the Brass and Qua Iboe terminals increased by 15.72% and 6.03% to 896,581 barrels and 4.30 mbpd from 774,783 and 4.05 mbpd produced in December 2023, respectively.

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Nigeria has been unable to reach its OPEC production quota for more than two years, undermining the country’s principal source of foreign exchange.

The oil sector remains in recession, as underinvestment and elevated theft have squeezed Nigeria’s oil output from around 2mbpd five years ago to about 1.47mbpd in 2023.

Nigeria Surpasses Saudi Arabia Read in crude oil production

Legit.ng reported that 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 year's first month.

From 1.335 million barrels per day in December 2023 to 1.427 million barrels 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.

Reports say Venezuela came second, with production rising by 40,000 bpd to 802,000 bpd in December and 841,000 bpd in January.

Source: Legit.ng