Home NewsBusiness News OPEC agrees with NUPRC, puts Nigeria’s oil output at 1.28m bpd

OPEC agrees with NUPRC, puts Nigeria’s oil output at 1.28m bpd

by Tolulope Akinruli

THE Organisation of Petroleum Exporting Countries (OPEC) announced yesterday that Nigeria’s oil output, excluding condensate, increased by 4% month on month (MoM) to 1.28 million barrels per day (bpd) in April 2024, up from 1.23 million bpd in March 2024. However, on a year-on-year basis, OPEC said that the nation’s output increased to 1.28 million bpd in April 2024, up from 999,000 bpd in the same period in 2023, or a 28% rise.

In a recent report, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, stated that Nigeria’s crude oil output in April increased marginally by four percent to 1.28 million bpd, up from 1.23 million bpd in March 2024.

However, in its most recent May Monthly Oil Market Report, MOMR, OPEC estimated Nigeria’s oil output, excluding condensate, during the period at 1.28 million bpd, based on official sources. However, when secondary data are included, OPEC maintains that Nigeria produced 1.35 million bpd in April 2024, a 3.6% decrease from 1.40 million bpd in March.

The report, which acknowledged the output reduction in some 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, MoM.” Crude oil output climbed mostly in Congo and Iran, while production in Nigeria, Iraq, and Venezuela dropped.

“At the same time, overall non-OPEC DoC crude oil output averaged 14.44 mb/d in April 2024, down 198 tb/d month on month. Crude oil output grew mostly in Bahrain, while production in Russia and Kazakhstan fell.

OPEC

This demonstrated that, despite efforts to combat pipeline vandalism, oil theft, and illegal refining, Nigeria’s output, which was benchmarked at 1.70 million bpd, including condensate, and $77.96 a barrel in the country’s 2024 budget, remains relatively low. Meanwhile, the price of the nation’s Bonny Light has decreased to $83.51 per barrel in the world oil market, down from $90 per barrel last month.

Source: vanguardngr.com

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