Bloomberg's tanker tracking data indicates that Nigeria's output increased by 40,000 bpd, reaching a total of 1.51 million bpd, the highest level recorded in four years.
After struggling to maintain production levels, which peaked at 1.3 million bpd in 2023, the country concluded the year with a notable improvement, surpassing OPEC's set quota.
Nevertheless, Nigeria's production still fell short of the 2024 budget target by 500,000 barrels. This shortfall has prompted the government to enhance its efforts to diversify revenue sources, placing greater emphasis on taxes and customs duties to address the deficit.
In August 2023, OPEC maintained Nigeria's production quota at 1.5 million bpd as part of its strategy to stabilize global oil prices.
Further advancements were reported in October when the Nigerian National Petroleum Company (NNPC) Limited announced a production level of 1.8 million bpd. This achievement was credited to improved security measures aimed at mitigating oil theft and reducing pipeline vandalism.
However, the NNPC did not clarify whether the 1.8 million bpd figure pertained exclusively to crude oil or included blended and unblended condensates, which are not part of international sales.
While Nigeria saw an increase in production in December, the overall output from OPEC members experienced a significant decline, largely due to strategic cuts implemented by the United Arab Emirates (UAE) to stabilize global oil prices, according to Bloomberg data.
The UAE reduced its oil exports to an 18-month low, with its state-owned oil company ADNOC cutting crude oil cargo allocations for certain Asian customers in January and February.
Iran's oil production decreased by 40,000 barrels per day (bpd) to 3.32 million bpd in December. Nevertheless, this reduction still positions the country's output close to its highest level in six years, despite potential challenges anticipated from the new U.S. administration.
In contrast, Libya has shown a robust recovery from its recent political instability, increasing its production by 40,000 bpd to reach 1.23 million bpd. This achievement represents the highest production level for the country in over a decade.
Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources, recently highlighted significant advancements in the oil sector under President Bola Tinubu’s leadership.
He pointed out that crude oil production has surged from one million barrels per day (bpd) to 1.8 million bpd, including condensates.
In a post on his official X (formerly Twitter) account, Lokpobiri noted that upon taking office, President Tinubu issued a directive aimed at enhancing Nigeria’s crude oil production. The minister indicated that this directive laid the groundwork for the ministry's subsequent achievements.
Lokpobiri also mentioned that within the first 18 months of Tinubu’s administration, the government successfully attracted foreign investments and promoted stability in oil-producing communities throughout the Niger Delta.