OPEC Reports Decline In Nigeria’s Oil Production To 1.25mbpd In May

OPEC Reports Decline In Nigeria’s Oil Production To 1.25mbpd In May

In May 2024, Nigeria’s daily crude oil production fell to 1.25 million barrels per day (bpd), marking a 2.34% decline from April’s 1.28 million bpd, according to the Organisation of Petroleum Exporting Countries (OPEC). This information was disclosed in OPEC’s monthly oil market report, which relies on direct communication with Nigerian authorities for production data……….. CONTINUE READING

Despite this decrease, Nigeria maintained its position as Africa’s largest oil producer, followed by Libya with 901,000 bpd in May. Algeria ranked third with 264,000 bpd during the same period.

However, secondary sources reported a contrasting trend, indicating a 5% increase in Nigeria’s crude production to 1.41 million bpd from April’s 1.35 million bpd. Both figures remained below Nigeria’s OPEC production quota of 1.5 million bpd for 2024.

OPEC’s report highlighted broader trends across its member states, noting that total OPEC-12 crude oil production averaged 26.63 million bpd in May 2024, reflecting a 29,000 bpd increase month-on-month. The rise was primarily driven by production boosts in Nigeria, Gabon, and Equatorial Guinea, while decreases were observed in Saudi Arabia, Kuwait, Libya, and Congo.

Conversely, non-OPEC crude oil production averaged 14.29 million bpd in May 2024, showing a slight decline of 152,000 bpd from the previous month. Mexico experienced the largest increase, whereas production in Russia and Kazakhstan declined during the same period.

OPEC gathers its production data from member states through both direct and secondary sources, including energy intelligence platforms, to compile comprehensive monthly assessments of global oil market dynamics.

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