OPEC Says Nigeria’s Crude Production Drops To 1.419mbpd
Organization of Petroleum Exporting Countries, says Nigeria’s crude oil production has dropped to 1.42 million barrels a day in January 2024,
OPEC’s Monthly Oil Report for February 2024 showed that, the
country’s oil output dipped by 3,000 barrel per day or 0.21 per cent, while,
the federal Government projected 1.78 million barrels per day in the 2024
budget, but, the nation’s oil production rose from 1.33mbpd to 1.42mbpd, based
on data obtained through direct communication.
In the 2024 budget, President Bola Tinubu had in the budget
proposed that the nation would strive to produce above what it currently
produces as crude oil, while, the N28.7tn budget depends heavily on crude oil
proceeds, which is the major revenue of the Nigerian government.
OPEC disclosed that crude oil output increased mainly in
the United Arab Emirates, Saudi Arabia and Venezuela, adding that the total crude production in the 12 OPEC states averaged
26.34mbpd last month, reducing by 350,000bpd.
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