At 28.05 million barrels per day (bpd) on average, the Organization of Petroleum Exporting Countries (OPEC) continued to produce crude oil consistently in December 2023.
A Bloomberg study confirmed this, showing that Nigeria increased its output by 50,000 barrels daily.
OPEC followed production restrictions, as shown in nations like Angola and the United Arab Emirates, which limited their supply. Nigeria, however, countered these decreases and enabled OPEC to achieve an average of 28.05 million barrels per day in December.
The report stated that increases elsewhere offset the decreases in supply from these two members. Nigeria successfully negotiated a new quota for this year, and in December, it increased supplies by 50,000 barrels per day to 1.49 million barrels per day.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that the nation produces 1.25 million barrels of oil per day, according to its “direct communication” channels.
Moreover, according to OPEC’s projection, Nigeria will produce 1.5 million barrels per day in 2024. Still, the federal government says the country may produce as much as 2 million barrels per day this year.
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