By Adegbenro Barakat Opeyemi (SIWES Student, Moshood Abiola Polytechnic)
Nigeria experienced a notable surge in oil output, with an increase of 177,000 barrels per day (bpd) in January.
According to data from the National Crude and Condensate Production, sourced from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), December 2023 recorded a production of 1.55 million bpd, while January 2024 saw a rise to 1.64 million bpd.
The Commission highlighted a positive trajectory, noting that January 2024 marked the highest production level since January 2022, signaling progress towards the 2024 budget target of 1.78 million bpd.
In contrast, October 2022 witnessed production at 41,867,775 barrels, a figure that decreased to 37,508,971 bpd in November 2023.
The average price of Brent crude in November 2023 stood at $82.94 per barrel. Examining earlier data, crude oil output (excluding condensates) for January through May 2023 fluctuated, ranging from 30,131,770 barrels to 39,268,847 barrels.
Similarly, production levels for June through September 2023 varied, ranging from 33,761,767 barrels to 40,396,863 barrels.
