Nigeria’s average daily crude oil production reached 1.418 million barrels per day (mbpd) in December 2023.
The Organistion of the Petroleum Exporting Countries (OPEC) disclosed this in its Monthly Oil Market Report released on Wednesday.
OPEC added that the figure was higher than the 1.37 mbpd recorded by the country in November.
According to the report, the total crude oil production from the cartel’s member countries increased by 73,000 barrels per day on a month-on-month basis.
The increase in the group’s oil production was propelled by rising production in Iraq and Nigeria while countries like Kuwait, Saudi Arabia, and Iran saw a reduction in daily production levels.
Together, the cartel’s members produced 26.7 million barrels of crude oil daily- an increase of 73,000 barrels compared to the 26.62 million barrels reported in November.
For Nigeria, the crude oil production increased by 85,000 barrels per day from 1.25 mb/d to 1.335 mb/d.
OPEC had sought to cut supply of crude oil in the international market as a measure to push prices- a move spearheaded by Saudi Arabia.
In December, OPEC reduced the production quota of Nigeria and other African members notably Angola.
Although the countries had in the past failed to meet their production quota with Nigeria averaging production of 1.3mb/d far below OPEC’s production quota of 1.7mb/d.
The decision to cut production quota prompted Angola to exit the cartel stating it no longer serves its interest.
Nigeria’s production quota was also slashed in December to 1.58mb/d, but it has affirmed its commitment to the group.
By: Babajide Okeowo
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