Nigeria’s February Crude Export May Dip Despite Plan To Boost Production

Nigeria’s Crude Export for February is expected to see marginal decline according to data.

Exports of four main Nigerian crude oil grades in February are set to average about 657,000 barrels per day (bpd), according to preliminary programmes, down slightly from the previous month.

The scheduled loadings of Bonny Light, Bonga, Qua Iboe and Forcados crude oil streams stood at 792,000 bpd for January, according to Reuters calculations.

This is coming as  Nigeria pushes to reach and exceed the 2024 crude oil production budget target of 1.7 million barrels per day (bpd).

Minister of state for petroleum resources (Oil), Heineken Lokpobiri, said that the country can boost crude oil production to 2 million bpd.

The minister also expressed his commitment to promoting collaboration with stakeholders to improve the country’s oil and gas sector.

“The success of the upstream sector will determine the success of the midstream and the downstream.

“And as a government, we are willing to sustain that engagement with the stakeholders so that in 2024 and beyond, we will ensure that we produce not just 1.7 million bpd that we need for our budget but ensure that we produce what is needed to meet the local demand,” he said.

The minister emphasised the sector’s growth trajectory since the current administration assumed office, beginning at around 1 million barrels per day and slowly climbing to 1.4 million barrels per day.

He highlighted his desire to maintain this rising trend, emphasising the government’s commitment to fostering a conducive climate for stakeholders to grow.