OPEC Agrees With NUPRC, Puts Nigeria’s Oil Output At 1.28 Million Bpd

OPEC Agrees With NUPRC, Puts Nigeria’s Oil Output At 1.28 Million Bpd....KINDLY READ THE FULL STORY HERE▶

According to recent disclosures from the Organisation of Petroleum Exporting Countries (OPEC), Nigeria experienced a 4% month-on-month rise in oil production, excluding condensate, reaching 1.28 million barrels per day (bpd) in April 2024, up from 1.23 million bpd in March of the same year.

On a year-on-year basis, OPEC data indicates a significant increase in Nigeria’s output, rising to 1.28 million bpd in April 2024 from 999,000 bpd in April 2023, marking a notable 28% surge.

Echoing OPEC’s findings, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) presented a corresponding report, affirming Nigeria’s crude oil output rose by 4% to 1.28 million bpd in April, compared to 1.23 million bpd in March 2024.

However, OPEC’s May Monthly Oil Market Report (MOMR), citing official sources, reiterated Nigeria’s oil output at 1.28 million bpd during the same period, excluding condensate. Yet, information from secondary sources indicated a slight decline to 1.35 million bpd in April 2024, down 3.6% from March’s 1.40 million bpd.

The report highlighted production fluctuations across OPEC member states, including Nigeria, where crude oil output dropped. It stated, “According to secondary sources, total OPEC-12 crude oil production averaged 26.58 mb/d in April 2024, 48 tb/d lower, m-o-m… Production in Nigeria… decreased.”

Despite ongoing challenges such as pipeline vandalism, oil theft, and illegal refining, Nigeria’s oil output remains below the benchmarked 1.70 million bpd, including condensate, set in the nation’s 2024 budget at $77.96 per barrel.

Meanwhile, the price of Nigeria’s Bonny Light dropped to $83.51 per barrel in the global oil market, down from $90 per barrel recorded the previous month.

Addressing the issue of oil theft and pollution, Mr. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), emphasized the need for collective action, stating, “The people are partly involved in getting crude oil for illegal refining… everyone should join hands with the government to fight this menace.”

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