June 13, (THEWILL)- Nigeria’s average crude oil production in May dropped to 1.25 million barrels per day (bpd) from 1.28 million bpd recorded in April 2024, the Organisation of Petroleum Exporting Countries (OPEC), said in its Monthly Oil Market Report for May 2024.
The production data were based on direct communication with Nigerian authorities and secondary communication, including energy intelligence platforms.
Despite the decline, Nigeria remains Africa’s largest oil producer, followed by Libya and Algeria.
While total OPEC-12 crude oil production rose by 29,000 bpd in May, mainly due to output in Nigeria, Gabon and Equatorial Guinea, Non-OPEC crude oil production decreased by 152,000 bpd in May, with Mexico being the only country to experience an increase in output.
The global demand for crude oil is projected to reach 104.5 million bpd in 2024, with a consistent average price in May.
The OPEC Reference Basket price dropped to $83.59 per barrel in May, a 6.2 percent decrease from the previous month.
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