OPEC Says Nigeria’s Crude Production Drops To 1.419mbpd

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.

Comments :
    There are no comments yet. Why not be the first to comment?
Leave A Comment :

Subscribe to our newsletters

Sign up and receive the latest tips via email.

Theme Option