July 21, 2024

Nigeria’s Crude Oil Production Slightly Declines in January 2024

 

Nigeria’s crude oil production marginally dropped to 1.42 million barrels a day in January 2024, according to Organisation of Petroleum Exporting Countries, OPEC.

 

OPEC’s Monthly Oil Report for February 2024 released Tuesday showed that the country’s oil output dipped by 3,000bpd or 0.21 per cent from 1.422mbpd it produced in December, according to secondary sources.

 

The Federal Government projected 1.78 million barrels per day in the 2024 budget.

 

However, the report said that the nation’s oil production rose from 1.33mbpd to 1.42mbpd, based on data obtained through direct communication.

 

In the 2024 budget, President Bola Tinubu had in the budget proposed that the nation would strive to produce above what it currently produces as crude oil.

 

The N28.7tn budget depends heavily on crude oil proceeds, which is the major revenue of the Nigerian government.

 

OPEC disclosed that crude oil output increased mainly in the United Arab Emirates, Saudi Arabia and Venezuela.

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