A Bloomberg survey confirmed OPEC’s stable crude oil production in December 2023, with an average of 28.05 million bpd. Notably, Nigeria contributed an additional 50,000 bpd, aiding in overall output despite production limitations observed in countries like the United Arab Emirates and Angola.
Nigeria, aligning with a revised quota, raised its supply by 50,000 barrels per day to reach 1.49 million bpd in December, as communicated by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Forecasts from OPEC suggest Nigeria’s oil production could hit 1.5 million bpd in 2024, while the federal government asserts a potential surge to 2 million bpd this year.
Expectations foresee a probable decrease in output this month as the OPEC+ coalition plans additional cuts of around 900,000 bpd to prevent an oil surplus and safeguard against declining crude prices. Saudi Arabia and the UAE are leading these reductions, while other countries like Iraq plan to cut production for the initial three months of the year.
Angola exited OPEC in December over imposed production limits. Despite this, its output in December aligned with the rejected limit, reflecting years of underinvestment. Several OPEC+ nations aim for gradual production increases, contingent on oil market performance, while concerns persist about a possible global economic slowdown in 2024, leading to an anticipated surplus in oil availability.
