Nigeria’s crude oil production rose in February, and this is according to data from the Organisation of Petroleum Exporting Countries (OPEC), Premium Times reports.
Oil production from the 12 members of the organisation, OPEC, averaged 26.57 million barrels per day (mb/d) in February 2024, higher by 203 thousand barrels per day (tb/d) month-on-month, OPEC said in its Monthly Oil Market Report released Tuesday.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February 2024, 203 tb/d higher, month-on-month. Crude oil output increased mainly in Libya and Nigeria, while production in Iran and Iraq decreased,” the oil cartel said.
Nigeria’s crude oil production rose to 1.476 million barrels per day in February, from 1.429 million bpd recorded in January, an increase of 47,000 barrels, an OPEC survey, which cites secondary data sources, said.
According to the oil cartel’s direct communication data, Nigeria recorded 1.322 million barrels per day in February from 1.427 million recorded in January.
OPEC indicated it gets its crude oil production figures mainly from two sources, either as direct communication by member countries or by information released by secondary energy intelligence platforms.
Over the years, crude theft and pipeline vandalism and its negative impact on the country’s economy have been a source of concern to the Nigerian government.
In a bid to curb crude theft, the Nigerian National Petroleum Company Limited (NNPC) launched an application in August 2022 to monitor the incidence of theft and vandalism.
The NNPC also awarded a multibillion naira pipeline surveillance procurement to a former leader of the Movement for the Emancipation of Niger Delta, Government Ekpemupolo.
Despite such initiatives, Nigeria continues to experience significant oil losses to vandals, prompting several international oil companies to shift from the onshore sector to offshore.
In October last year, the Nigerian government announced it would target 2 million barrels per day (bdp) of crude oil production by the end of the year.
Last November, the Nigerian federal government set its benchmark production target at 1.78 Mbps, 1.80 Mbps, and 1.81 Mbps, for 2024, 2025, and 2026, respectively, to achieve its revenue projection.
Source: Premium Times
