The Organisation of Petroleum Exporting Countries (OPEC) disclosed that Nigeria's oil output, excluding condensate, increased by 4 per cent to 1.28 million barrels per day (bpd) in April 2024, from 1.23 million bpd in March 2024. On a year-on-year basis, Nigeria's output rose to 1.28 million bpd in April 2024, from 999,000 bpd in April 2023, indicating a 28 per cent increase.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) presented a similar report, stating that Nigeria's crude oil output in April rose marginally by 4 per cent to 1.28 million bpd compared to 1.23 million bpd recorded in March 2024.
However, OPEC's latest May Monthly Oil Market Report (MOMR) indicated that Nigeria produced 1.28 million bpd in April 2024, based on information obtained from official sources. But when information from secondary sources is considered, OPEC maintained that Nigeria produced 1.35 million bpd in April 2024, indicating a 3.6 per cent drop from 1.40 million bpd in March 2024.
The report noted output drops in some nations, including Nigeria, stating: "According to secondary sources, total OPEC-12 crude oil production averaged 26.58 mb/d in April 2024, 48 tb/d lower, month-on-month. Crude oil output increased mainly in Congo and Iran, while production in Nigeria, Iraq, and Venezuela decreased."
Despite efforts to combat pipeline vandalism, oil theft, and illegal refining, Nigeria's output remains relatively low compared to its benchmark of 1.70 million bpd, including condensate, in the nation's 2024 budget. Meanwhile, the price of Nigeria's Bonny Light dropped to $83.51 per barrel in the global oil market, down from $90 per barrel recorded last month.
