According to data from the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production rose in January.
According to the oil cartel’s direct communication data, Nigeria recorded 1,539 million barrels per day in January from 1,485 million recorded in December 2024, an increase of 54,000 barrels.
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Nigeria’s crude oil production recorded 1,495 million barrels per day (bpd) in January, from 1,525 million bpd recorded in December 2024, a decrease of 29,000 barrels, an OPEC survey, which cites secondary data sources, said.
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.
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The report showed that Nigeria retained its position as the largest oil producer in Africa, surpassing Algeria, which produced 907,000 bpd in the month under review.
The oil cartel explained that after the Nigerian economy recorded healthy growth in the third quarter of 2024 across key sectors, economic growth is also anticipated to have been steady in the fourth quarter of 2024.
It noted that economic growth reached 3.5 per cent, year-on-year, in the third quarter of 2024, up from 3.2 per cent in the second quarter of 2024.
“This came despite the impact of tightening monetary policy, with the non-oil sector playing an increasingly important role in driving growth, supported by easing price pressures and a potential loosening of tight monetary policy,” it said.
However, it said the oil sector remains central to the economy, and the Dangote Refinery reaching full production capacity should help stabilise the petroleum product supply and possibly lower petrol prices.
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.
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On 2 July 2024, the Nigerian National Petroleum Company Limited (NNPC Ltd) declared a state of emergency on Nigeria’s crude oil production. The move, according to the company, aimed to increase Nigeria’s crude oil production and grow its reserves.
Additionally, the Nigerian government approved $21 million for the metering of 187 oil flow stations across the Niger Delta region to promote effective monitoring of the country’s crude oil production and distribution.
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