Nigeria’s Every Day Crude Oil Production Falls to 1.25 Million Barrels in May 2024, OPEC Reports

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The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that Nigeria’s average daily crude oil production dipped to 1.25 million barrels per day (bpd) in May 2024, marking a 2.34% decrease from April’s 1.28 million bpd.

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This information was detailed in OPEC’s monthly oil market report, which confirmed that the production data was gathered through direct communication with Nigerian authorities. OPEC sources its crude oil production data from member countries through both direct and secondary communication channels, including energy intelligence platforms.

Despite the decline, Nigeria maintained its status as Africa’s largest oil producer. Following Nigeria, Libya emerged as the second-largest producer on the continent, recording 901,000 bpd in May. Algeria followed as the third-largest producer with 264,000 bpd during the same period.

However, according to secondary sources cited by OPEC, Nigeria’s crude oil production saw a contrasting trend, rising by five percent to 1.41 million bpd from the 1.35 million bpd reported in April. Both figures remain below Nigeria’s 2024 OPEC production quota of 1.5 million bpd.

OPEC’s report highlighted, “According to secondary sources, total OPEC-12 crude oil production averaged 26.63 million barrels per day in May 2024, marking a 29,000 barrels per day increase compared to the previous month. The rise in crude oil output was mainly attributed to increases in production from Nigeria, Gabon, and Equatorial Guinea, while production declined in Saudi Arabia, Kuwait, Libya, and Congo.”

Simultaneously, the report noted a decline in total non-OPEC Declaration of Cooperation (DoC) crude oil production, averaging 14.29 million barrels per day in May 2024, down by 152,000 barrels per day month-on-month. This decline was primarily driven by reductions in production from Russia and Kazakhstan, despite an increase in Mexico’s crude oil output.

The fluctuating production levels underscore ongoing dynamics within global oil markets, influenced by geopolitical factors, economic conditions, and production policies among oil-producing nations.

Charles Akpeji
Charles Akpejihttps://naija247news.com
Charles Akpeji has over 20 years experience in journalism and he is Naija247news Taraba Correspondent. He lives and works from Jalingo, the state capital.

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