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Nigeria’s oil production for January falls below budget benchmark at 1.42 million bpd – Report 

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OIL

The latest data from the Organisation of Petroleum Export Countries (OPEC) crude oil production for January reveals that Nigeria averaged around 1.427 million barrels of crude oil daily- far below the 2024 budget target of 1.78 million barrels of daily production.  

According to the report, Nigeria’s crude oil production for January saw an increase of 91,000 barrels when compared to the 1.33 million barrels daily production recorded in December.  

OPEC stated that the figures were obtained from direct communication with operators in the country.  

However, based on secondary data obtained by the cartel, Nigeria’s average daily crude oil production stood at 1.419 million barrels daily- a drop of around 3000 barrels compared to the 1.422 million barrels recorded in the previous month of December.  

In total, members of the OPEC cartel produced around 26.34 million bpd for January. Although, the figure represents a decline of 350,000 barrels daily when compared with the total production for the previous month.  

The report further noted that world oil supply for the month dropped by 0.6 million barrels daily to around 101.8 mb/d.  

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