Nigeria Retains OPEC’s Most Increased Crude Oil Producer In January
…OPEC underproduced by 350,000bpd
Nigeria retained the most increased crude oil producer of the Organization of Petroleum Exporting Countries (OPEC) for January 2024 according to OPEC’s Monthly Oil Market Report for January published on Tuesday.
Using OPEC crude oil production based on direct communication, Nigeria’s crude oil production increased by 91,000 barrels per day from 1.335mbpd in December 2023 to 1.427mbpd in January 2024. Venezuela came second, as it produced 802,000 bpd in December and 841,000 bpd in January showing an increase of 40,000 bpd. The United Arab Emirates followed with a 34,000bpd increase from 2.891mbpd in December to 2.925mbpd in January. Saudi Arabia produced 8.944mbpd in December and 8.956mbpd in January, an increase of 12,000bpd.
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But using secondary communication, OPEC’s production fell by 350,000 bpd from 26.692mbpd in December to 26.342mbpd in January.
OPEC said: “According to secondary sources, total OPEC-12 crude oil production averaged 26.34 mb/d in January 2024, lower by 350 tb/d, m-o-m. Crude oil output increased mainly in the UAE, Saudi Arabia, and Venezuela, while production in Libya, Kuwait, Iraq, and Algeria decreased.”
It also made a world forecast for 2024 and 2025.
It said: “Non-OPEC liquids production in 2024 is forecast to grow by 1.2 mb/d to average 70.5 mb/d, including 50 tb/d in processing gains.
“This reflects a about 150 tb/d downward revision compared with the previous month’s assessment. OECD liquids supply is forecast to increase by 0.9 mb/d to average 33.6 mb/d, while non-OECD liquids supply is seen growing by 0.3 mb/d to average 34.4 mb/d. Non-OPEC liquids supply growth is expected to be primarily supported by US tight oil assets, oil sands expansion in Canada, and offshore projects in Latin America and the North Sea.
“The main drivers for expected growth are the US, Canada, Guyana, Brazil, and Norway, while the largest declines are seen in Russia and Mexico.
“In 2025, non-OPEC liquids production is forecast to grow by 1.3 mb/d to average 71.8 mb/d, including 60 tb/d in processing gains. OECD liquids supply is forecast to increase next year by 0.8 mb/d, and the non-OECD region is projected to grow by 0.4 mb/d.
The main drivers for liquids supply growth are expected to be the US, Brazil, Canada, Norway, Kazakhstan, and Guyana, while production is forecast to see a major decline in Mexico and Angola.”
