Nigeria produced 1.418 million barrels of crude oil per day in December 2023, according to an Organization of the Petroleum Exporting Countries estimate.
Nigeria’s crude oil output grew by 100mb/d from 1.319mbpd in November, according to secondary sources cited by OPEC in its Monthly Oil Market Report for January 2024.
According to direct communication, OPEC revealed in the report published on January 17 that the country’s oil production in December was 1.335 million barrels per day, down from 1.250 million barrels per day in November.
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According to the report, during the time under consideration, the oil output of OPEC nations such as Algeria, Congo, Iran, Libya, Kuwait, Saudi Arabia, and the United Arab Emirates decreased.
Secondary sources report that the average monthly production of crude oil produced by OPEC-12 in December 2023 was 26.70 mb/d, an increase of 73 tb/d. According to the research, production of crude oil declined in Kuwait, Saudi Arabia, and Islamic Republic of Iran, while output surged mostly in Nigeria and Iraq.
Despite incidents of oil theft and illicit refining facilities in the Niger Delta, Nigeria’s oil production has increased.
The Nigerian National Petroleum Company Limited announced in December that it intended to produce two million barrels of crude oil day by 2024.
According to NNPCL, this would greatly increase the 1.67 million barrels of oil and condensate it claimed to be producing at the time, allowing Nigeria to reach the OPEC target of 2 million barrels per day.
The NNPCL Board Chairperson, Mr. Pius Akinyelure, acknowledged that in order to reach this goal, Nigeria’s security architecture would need to be completely redesigned in order to handle issues like pipeline vandalism and other tactics used in oil theft.