Nigeria’s crude oil production increased by 50,000BPD in a month, from 1.41 million barrels a day average in December 2021 to 1.46 million barrels a day in January 2022, from a monthly output target of 1,683,000 BPD.
Prime Business Africa obtained this from Reuters’ oil production survey, with data retrieved from Nigeria’s Agbami and Egina streams.
The survey showed that in total, OPEC production increased by 210,000 BPD for the month of January, citing that compliance with OPEC cuts stood at 132% in January versus 127% in December.
According to it, Nigeria’s crude production increased by 50,000 BPD for the month of January, citing that its baseline cut pledge from 2020 stands at 1.829 BPD with outstanding cut pledged at 146,000, achieving 369,000BPD in cuts from a January output target of 1,683,000 BPD.
Oil giant, Saudi Arabia also increased production according to the survey by 100,000 BPD, from 10 million BPD a day in December to 10.1 million BPD by January.
It also revealed that despite increased production, Nigeria is still not achieving its total output target. This may be boosted by the recent $5 billion to boost upstream capacity
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