The Organization of the Petroleum Exporting Countries (OPEC) maintained consistent crude oil production in December 2023, averaging 28.05 million barrels per day (bpd).
This was confirmed by a Bloomberg study showing that Nigeria contributed an additional 50,000 barrels per day to increase production.
As seen in countries such as the United Arab Emirates and Angola, OPEC adhered to production limits and reduced output. Nevertheless, Nigeria offset these cuts and helped OPEC achieve an average production of 28.05 million barrels per day in December.
“Decreases in supply from these two member states were mitigated by increases in supply in other regions,” the report said. Nigeria increased supplies by 50,000 barrels per day to 1.49 million barrels per day in December, in line with revised quotas successfully negotiated this year. ”
Latest data from the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), communicated through its “direct communication” channel, shows the country’s daily oil production is 1.25 million barrels.
Additionally, OPEC forecasts predict Nigeria's production to be 1.5 million barrels per day in 2024, while the federal government claims the country's production could reach 2 million barrels per day this year. are doing.
According to Bloomberg, current forecasts call for production cuts to occur this month, as the OPEC+ coalition cuts production by about 900,000 barrels per day. The measure is aimed at preventing a potential surplus and protecting against a drop in oil prices.
Saudi Arabia is spearheading this reduction by maintaining the current reduction amount.
The UAE also agreed to cut oil production by 163,000 barrels per day, and Iraq plans to cut oil production by a further 220,000 barrels per day in the first three months of this year.
Additionally, Angola announced its withdrawal from OPEC in December after refusing to accept restrictions cut by OPEC leaders. However, output in December was in line with the rejected levels and reflected years of underinvestment.
Countries such as Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Kazakhstan and Algeria aim to increase production in stages, depending on oil market trends.
OPEC+ is aiming to cut oil production as prices fall from near $98 at the end of September. Concerns are growing about a potential global economic slowdown in 2024, leading to predictions of an oil surplus.
