SEATTLE (Oil Monster): The latest production data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicates that Nigerian crude oil production recorded marginal decline during the initial six-month period in 2024.
According to data, Nigeria produced 236,229,281 barrels of crude oil in H1 2024. This is lower by 16.73 million barrels when compared with the corresponding six-month period in 2023.
The detailed analysis indicates that the country’s daily crude oil production averaged at 1.43 million barrels per day (mbpd) in the opening month of the year. This was the highest level in the entire six-month period. The daily production dipped to 1.32mbpd and 1.23mbpd in February and March respectively. After recording slight increase to 1.28mbpd in April, it fell again to 1.25mbpd in May. In June, it recorded marginal increase to 1.28mbpd, NUPRC data said.
The monthly fluctuation in monthly crude oil production suggests the ongoing weakness in the country’s crude oil production amid challenges posed by rampant crude oil thefts and vandalism.
Nigeria’s oil output totalled 219.5 million barrels in the six-month period from January to June this year.