OPEC: Nigeria’s Crude Oil Production Soars To 1.4mbpd

Nigeria’s crude oil production witnessed a rise to 1.418 mbpd in December 2023, from November’s 1.319 mbpd, as reported by the Organisation of the Petroleum Exporting Countries (OPEC).

Direct communication from OPEC revealed that contrary to secondary sources, Nigeria’s oil production stood at 1.335mpbd in December.

Amidst challenges faced by other OPEC nations, Nigeria’s boost in production becomes even more noteworthy.

The OPEC Monthly Oil Market Report for January 2024 highlighted that while countries like Algeria, Congo, Iran, Libya, Kuwait, Saudi Arabia, and the United Arab Emirates experienced a reduction in oil output, Nigeria and Iraq saw an increase.

The Nigerian National Petroleum Company Limited (NNPCL) expressed plans to produce two million barrels of crude oil per day in 2024.

Pius Akinyelure, Chairperson of the NNPCL Board, acknowledged the need for overhauling Nigeria’s security architecture to combat issues such as pipeline vandalism and oil theft, emphasizing the importance of meeting the 2mbpd target set by OPEC.

Despite challenges, Nigeria’s oil industry seems poised for growth, signaling resilience in the face of adversity.