Nigeria’s Crude Oil Output Sinks to 1.25mbpd- OPEC
Translating to loss of revenue, Nigeria’s crude oil production made a record decline to 1.25 million barrels per day in May 2024, according to the Organisation of Petroleum Exporting Countries (OPEC) report.
The monthly oil market report for June puts the country’s average daily output 1.25 million barrels per day (bpd) in May, representing 2.34 per cent fall from 1.28 million bpd recorded in April.
The group stated 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.
Further analysis of the report, showed that production was at 1.3mb/d as of the fourth quarter of 2023 and the first quarter of this year.
The production decline comes despite reported improvement in the fight against crude oil theft and pipeline vandalism by the Nigerian National Petroleum Company Limited (NNPCL).
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.
On the flip, the OPEC report noted that secondary sources reported Nigeria’s crude production to have increased by five per cent 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.” # Nigeria’s Crude Oil Production Sinks to 1.25mbpd- OPEC Agency Disbursed N400m to Health Facilities in Borno in Q1, Q2 – Official
