Nigeria’s Oil Production Hits 1.64mbpd –Report

Following a move to boost government revenue, Nigeria’s oil production has increased to 1.64 million barrels per day as of January, data from the Nigerian Upstream Petroleum Regulatory Authority shows.

According to data released on the website of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that the December 2023 and January 2024 production stood at 1.55 million bpd and 1.64 million bpd respectively.

The data also revealed an overall increase of about 177,000 barrels per day (bpd) between November 2023 and January 2024.

“It is interesting to note that the January 2024 production is the highest since January 2022. This therefore is a good step towards meeting the 2024 budget target of 1.78 million bpd,” the Commission said.

The NUPRC, in line with its statutory mandate and effort to ensure transparency and accountability, also last month released a three-year Regulatory-Action-Plan (RAP) for Nigeria’s upstream Oil and Gas Sector.

The aim is to raise oil, and condensates output to 2.6 million bpd by 2026, adding that “the recent increase in oil production is a good indication that the Commission has commenced the implementation of the RAP in earnest and that the action is yielding result,” the statement said.

A trajectory of the country’s oil production output last year indicated that 41,867,775 bpd (excluding condensate) was achieved in October, but fell to 37,508,971 bpd in November In this period, the average price of Brent crude in November 2023 was $82.94 per barrel.

Today, the Organisation of Petroleum Exporting Countries and allies is expected to release oil market report for further detail on Nigeria crude oil production. #Nigeria’s Oil Production Hits 1.64mbpd –Report#

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