OPEC's Monthly Oil Market Report for January 2024 revealed that Nigeria's crude oil production observed a 100mb/d increase from 1.319mbpd in November, as per secondary sources.
Released on January 17, the OPEC report revealed, through direct communication, that the nation's oil production in December measured at 1.335mpbd, contrasting with 1.250mbpd in November.
The report highlighted reductions in oil output for OPEC countries such as Algeria, Congo, Iran, Libya, Kuwait, Saudi Arabia, and the United Arab Emirates during the reviewed period.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.70 mb/d in December 2023, higher by 73 tb/d, month-on-month. Crude oil output increased mainly in Nigeria and Iraq, while production in Kuwait, Saudi Arabia, and IR Iran decreased,” the report said.
Nigeria's oil production increased despite occurrences of oil theft and the presence of illegal refining sites in the Niger Delta.
In December, the Nigerian National Petroleum Company Limited (NNPCL) expressed plans to produce two million barrels of crude oil per day in 2024.
NNPCL stated that achieving this goal would significantly enhance the 1.67 million barrels of oil and condensates it claimed to be producing at that time, asserting that it would enable Nigeria to meet the 2mbpd target set by OPEC.
Mr. Pius Akinyelure, Chairperson of the NNPCL Board, who disclosed this information, however, conceded that fulfilling such a target would necessitate an overhaul of Nigeria's security architecture to address pipeline vandalism and other mechanisms deployed in oil theft.