Nigeria fails to meet 1.7mbpd crude oil budget benchmark projection for January 2024

Despite a budgetary benchmark of 1.7 million bpd crude oil production, Nigeria, for the month of January 2024 produced 1.43 million barrels per day signalling a shortfall of almost 400,000 barrels.

These details were contained in the Monthly Oil Market Reports (MOMRs) of the Organisation of Petroleum Exporting Countries (OPEC) published on Tuesday, 13 February, 2024.

According to the report, this is an increase from the 1.34 million bpd recorded in December 2023, indicating an increase of 6.9 per cent.

But on year-on- year, YoY, the nation’s output rose by 15.6 per cent to 1.43 million bpd in January 2024, from 1.23 million bpd recorded in the corresponding period of 2023.

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The output excludes condensate, a light crude, which Nigeria has the capacity to produce between 300,000 bpd and 400,000 bpd, according to the MOMRs.

Nigeria’s crude production has been impeded by factors ranging from crude oil theft, pipeline vandalism and declining investment in the country’s oil and gas industry.

However, the production figures still made Nigeria the highest African producer while Equatorial Guinea comes last with 54,000 bpd.

By Babajide Okeowo

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