In the 2024 budget, President Bola Tinubu had in the budget proposed that the nation would strive to produce above what it currently produces as crude oil.

The N28.7tn budget depends heavily on crude oil proceeds, which is the major revenue of the Nigerian government.

OPEC disclosed that crude oil output increased mainly in the United Arab Emirates, Saudi Arabia and Venezuela.

It added that the total crude production in the 12 OPEC states averaged 26.34mbpd last month, reducing by 350,000bpd.

“According to secondary sources, total OPEC-12 crude oil production averaged 26.34mb/d in January 2024, lower by 350 tb/d, month-on-month. Crude oil output increased mainly in the UAE, Saudi Arabia and Venezuela, while production in Libya, Kuwait, Iraq and Algeria decreased,” the report said.

On world oil supply, it noted that preliminary data indicated that global liquids production in January decreased by 0.6 mbd to an average of 101.8 mbd compared with the previous month.

“Non-OPEC liquids production, including OPEC natural gas liquids is estimated to have decreased by 0.2 mbd, month-on-month in January to average 75.5 mbd. This is higher by 1.6 mbd, year-on-year.

“Preliminary estimated production decreases in January were mainly seen in the US and other Eurasia and were partially offset by rises in China, Canada and Brazil.

“The share of OPEC crude oil in total global production in January, decreased by 0.2 pp to stand at 25.9 per cent compared with the previous month.”

According to the report, estimates are based on preliminary data for non-OPEC supply, OPEC NGLS and non-conventional oil, while assessments for OPEC crude production are based on secondary sources.

Meanwhile, Nigeria’s crude oil production rose to 1.418mbpd in December 2023.

OPEC, in its Monthly Oil Market Report for January 2024, disclosed that Nigeria’s crude oil production increased by 100mb/d, from 1.319mbpd in November, according to secondary sources.