Figures released by the Organisation of the Petroleum Exporting Countries (OPEC) in its monthly oil market reports for February, showed that Nigeria’s oil production for January stood at 1.736 million barrels per day, from 1.569mb/d in December.
The 6th largest oil producing country’s oil production dropped by 22,000 barrels per day in December following differential between November output of 1.547 million barrels per day and 1.569 reported for December.
The differential between January’s production of 1.736mbpd and 1.569mbpd in December resulted in production rise of 167,000bpd in January.
OPEC has asked Nigeria to cap production at 1.8 million barrels per day and it is on achieving this the country would join the OPEC production cut.
The differential of 167,000 daily multiplied by $70 per barrel showed that the country had gained a whopping daily revenue of $11,690,000 and $362,390,000 for the month of January as a result of the rise in production between December and January.
More data provided by OPEC through the direct sources showed that in 2016, Nigeria produced 1.427 million barrels per day, while in the first quarter, 2017, it produced 1.510 mbd.
In Q2, the country’s production decreased to 1.485mbd and 1.592mbd in Q3. In Q4, Nigeria produced 1.572mbd.
Nigeria alongside Libya, have been exempted twice from OPEC’s oil cut deal which kicked off in January 2017.