According to the oil cartel’s direct communication data, Nigeria recorded 1.322 million barrels per day in February from 1.427 million recorded in January.
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OPEC indicated it gets its crude oil production figures mainly from two sources, either as direct communication by member countries or by information released by secondary energy intelligence platforms.
Over the years, crude theft and pipeline vandalism and its negative impact on the country’s economy have been a source of concern to the Nigerian government.
In a bid to curb crude theft, the Nigerian National Petroleum Company Limited (NNPC) launched an application in August 2022 to monitor the incidence of theft and vandalism.
The NNPC also awarded a multibillion naira pipeline surveillance procurement to a former leader of the Movement for the Emancipation of Niger Delta, Government Ekpemupolo.
Despite such initiatives, Nigeria continues to experience significant oil losses to vandals, prompting several international oil companies to shift from the onshore sector to offshore.
In October last year, the Nigerian government announced it would target 2 million barrels per day (bdp) of crude oil production by the end of the year.
Last November, the Nigerian federal government set its benchmark production target at 1.78 Mbps, 1.80 Mbps, and 1.81 Mbps, for 2024, 2025, and 2026, respectively, to achieve its revenue projection.
Nigeria’s crude oil production rose in February – OPEC