The Organisation of Petroleum Exporting Countries, OPEC, has stated that Nigeria’s average daily crude oil production dropped to 1.25 million barrels per day (bpd) in May 2024, representing 2.34% fall from 1.28 million bpd recorded in April.
OPEC made this known in its monthly oil market report, stating that the production data was based on direct communication with Nigerian authorities.
OPEC receives data on crude oil production from two sources: direct communication — which is from member countries; as well as secondary communication, such as energy intelligence platforms.
Despite the decline, OPEC said the country retained its position as the largest oil producer in Africa, followed by Libya, which produced 901,000 bpd in the reviewed month.
OPEC said Algeria was the third-largest oil producer with 264,00 bpd in May.
However, the oil cartel said secondary sources reported Nigeria’s crude production increased by five percent to 1.41 million bpd from 1.35 million bpd reported in April.
Both figures fell below Nigeria’s 2024 OPEC production quota of 1.5 million bpd.
The OPEC report stated: “According to secondary sources, total OPEC-12 crude oil production averaged 26.63 mb/d in May 2024, 29 mb/d higher Month-on-Month.
“Crude oil output increased mainly in Nigeria, Gabon and Equatorial Guinea, while production in Saudi Arabia, Kuwait, Libya and Congo decreased.
“At the same time, total non-OPEC DoC crude oil production averaged 14.29 mb/d in May 2024, 152 tb/d lower, m-o-m.
“Crude oil output increased mainly in Mexico, while production in Russia and Kazakhstan decreased.”
SOURCE: PUNCH
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