THE Organisation of Petroleum Exporting Countries, OPEC, yesterday, disclosed that Nigeria’s oil output, excluding condensate, rose month-on-month, MoM, by 4 per cent to 1.28 million barrels per day, bpd, in April 2024, from 1.23 million bpd in March 2024.
But on a year-on-year- YoY basis, OPEC disclosed that the nation’s output rose to 1.28 million bpd in April 2024, from 999,000 bpd in the corresponding period of 2023, indicating an increase of 28 per cent.
In its recent report obtained by Vanguard, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that Nigeria’s crude oil output in April rose marginally by four percent to 1.28 million barrels per day (bpd) compared to 1.23 million bpd in March 2024.
Similarly, in its latest May Monthly Oil Market Report (MOMR) obtained by Vanguard, OPEC reported Nigeria’s oil output, excluding condensate, at 1.28 million bpd, based on information from official sources.
However, when considering information from secondary sources, OPEC noted that Nigeria produced 1.35 million bpd in April 2024, reflecting a 3.6 percent decrease from 1.40 million bpd in March.
The report, which highlighted output drops in several countries, including Nigeria, stated: “According to secondary sources, total OPEC-12 crude oil production averaged 26.58 mb/d in April 2024, 48 tb/d lower month-on-month. Crude oil output increased mainly in Congo and Iran, while production in Nigeria, Iraq, and Venezuela decreased.
“Meanwhile, total non-OPEC DoC crude oil production averaged 14.44 mb/d in April 2024, 198 tb/d lower month-on-month. Crude oil output increased mainly in Bahrain, while production in Russia and Kazakhstan decreased.”
This indicates that despite efforts to combat pipeline vandalism, oil theft, and illegal refining, Nigeria’s output remains relatively low. The country’s production was benchmarked at 1.70 million bpd, including condensate, at $77.96 per barrel in the nation’s 2024 budget.
