By Egbodo Queen
Nigeria’s crude oil production slightly increased to 1.42 million kegs a day in January 2024, corresponding to Organisation of Petroleum Exporting Countries, OPEC.
OPEC’s Monthly Oil Report for February 2024 released on Tuesday disguised that the country’s oil output splashed by 3,000bpd or 0.21 per cent from 1.422mbpd it produced in December, according to secondary sources.
The Federal Government projected kegs per day in the 2024 budget.
nevertheless, the announcements said that the nation’s oil production blossom from 1.33mbpd to 1.42mbpd, grounded on data compassed through direct communication.
President Bola Tinubu had in the budget planned that the nation would struggle to produce above what it presently produces as crude oil.In the 2024 budget,
The N28.7tn budget hinge Strongly on crude oil proceeds, which is the major gross sales of the Nigerian government.
OPEC unveils that crude oil production rose mainly in the United Arab Emirates, Saudi Arabia and Venezuela.
In addition, the total crude production in the 12 OPEC states totalled 26.34mbpd last month, subdued by 350,000bpd.
“Coresponding to secondary sources, total OPEC-12 crude oil production totalled 26.34mb/d in January 2024, lower by 350 tb/d, month-on-month. Crude oil production escalate mainly in the UAE, Saudi Arabia and Venezuela, while production in Libya, Kuwait, Iraq and Algeria decreased,” the report said.
On world oil supply, it observed that preceding data connotes that global liquids production in January decreased by 0.6 mbd to an average of 101.8 mbd compared with the previous month.
“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 calculated production reduces 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.”
According to the report, 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.
Meanwhile, Nigeria’s crude oil production rose to 1.418mbpd in December 2023.
OPEC, in its Monthly Oil Market Report for January 2024, disclosed that Nigeria’s crude oil production increased by 100mb/d, from 1.319mbpd in November, according to secondary sources.