Nigeria has successfully reached its OPEC oil production targets after years of falling short, according to a top official from the country’s state oil company.
Udobong Ntia, Executive Vice President of Upstream at NNPC, confirmed this achievement during the CERAWeek conference by S&P Global in Houston on Tuesday.
“In January, I think we’re back on targets… I’m positive we will be able to meet our targets,” Ntia stated on the sidelines of the event.
Oil production in Nigeria rose to 1.75 million barrels per day (bpd) in January, up from 1.5 million bpd in December. “Production is on an incline,” Ntia added.
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While some concerns were raised about Nigeria possibly exceeding its quota in January, Ntia explained that the country was still within its target since the production figures include both crude oil and condensate.
This news comes after a Reuters survey found that overall OPEC oil output decreased in January for the second consecutive month, partly due to reduced exports from Nigeria.
The same survey had previously indicated that Nigerian production rebounded in December and maintained similar levels in January. However, the country still needs to increase output to reach its goal of 1.6 million bpd for the current quarter.
The survey also noted that Nigerian production actually dropped by 60,000 bpd in January, reflecting lower exports, although domestic usage is growing as the Dangote refinery increases its operations.
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