Nigeria’s Crude Oil Production Sees Marginal Increase in Early 2024
Nigeria produced 159,158,191 barrels of crude oil in the first four months of 2024, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). January’s output was 44.2 million barrels, averaging 1.42 million barrels per day (mbpd).
February saw a decline to 38.3 million barrels, with a daily average of 1.32 mbpd. Production dipped further in March to 38.1 million barrels at 1.23 mbpd, before a slight recovery in April to 38.4 million barrels, averaging 1.28 mbpd daily.
Comparatively, Nigeria’s total oil output for the same period in 2023 was 144.8 million barrels, 14.3 million barrels less than in 2024. However, in the first four months of 2020, the country produced 215.2 million barrels, 56 million barrels more than this year’s total.
Despite efforts to boost production, Nigeria has faced ongoing challenges. Recently, Mele Kyari, Group Managing Director of the Nigerian National Petroleum Company Limited (NNPC), highlighted the detrimental impact of oil theft and vandalism on the economy, noting that such activities discourage investment in the oil and gas sector.
Kyari reported that the country’s output approached 1.7 mbpd as of May 18, expressing optimism about further increases. He pointed out the critical role of resolving security issues in boosting production, noting that “no one is going to put money into oil production when he knows the production will not get to the market.” He detailed efforts over the past two years, including the removal of over 5,800 illegal connections and dismantling of over 6,800 illegal refineries.
Kyari optimistically noted that the security situation is improving, and production levels are expected to rise. He recalled a notable increase in production to 2.2 mbpd on April 17, 2020, attributing the spike to reduced criminal activities during the COVID-19 lockdown.
The NNPC head affirmed, “The good news is, there is substantial work being done by the government. It is already subsiding. We are already seeing the results,” signalling a hopeful future for Nigeria’s oil sector.
