Nigeria maintains steady increase in daily crude oil production, hits 1.43million b/d in January

By Tayo ABIOLA

Nigeria has since August 2023, maintained steady increase in production except for November when its output dropped to 1.25million b/d from 1.35million b/d recorded in October.

The Minister of Petroleum (Oil), Heineken Lokpobiri, had last year, expressed the government’s commitment to increasing its daily production to over 2 million barrels per day.

According to him, issues of theft and pipeline vandalism were major factors hindering it from attaining increased production.

However, he said the government was working towards addressing these problems.

Although it has not been able to meet its Organisation of Petroleum Exporting Countries (OPEC’s) daily quota, Nigeria’s daily average crude oil production increased to over 1.43million barrels per day in January 2024.

This makes over 91,000 barrels increase from the 1.34million barrels recorded in December 2023.

According to the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) monthly oil production report, the country produced 44 million barrels of crude oil and by adding the blended and unblended condensates, this puts the total liquid produced in January 2024 at 51million barrels.

Similarly, the average daily amount of blended and unblended condensates for the month are 58,000 and 159,000 barrels respectively.

This puts the total average of liquid daily at 1.64million.

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