The Organisation of Petroleum Exporting Countries (OPEC) reported that Nigeria’s oil production, excluding condensate, increased by 4% in April 2024 to 1.28 million barrels per day (bpd) from 1.23 million bpd in March 2024. This data, confirmed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), highlights a modest month-on-month improvement in Nigeria’s crude oil output.
OPEC’s May Monthly Oil Market Report (MOMR) also corroborated these figures, showing a consistent production rate of 1.28 million bpd for Nigeria in April 2024, based on official sources. However, when data from secondary sources was considered, OPEC noted a slight decrease in Nigeria’s production, down to 1.35 million bpd in April 2024 from 1.40 million bpd in March, marking a 3.6% decline.
Despite ongoing challenges such as pipeline vandalism, oil theft, and illegal refining, Nigeria’s output remains below the national budget benchmark of 1.70 million bpd, including condensate. The overall OPEC-12 crude oil production in April 2024 averaged 26.58 million bpd, which was 48 thousand bpd lower than the previous month. Increases in oil output were noted in Congo and Iran, while Nigeria, Iraq, and Venezuela experienced declines.
Source: Vanguard