November 13, (THEWILL) – Nigeria’s average daily crude oil production increased marginally to 1.33 million barrels per day in October 2024, the Organisation of Petroleum Exporting Countries said on Tuesday.
THEWILL had reported that crude oil production in Nigeria dropped by 33,000 barrels to 1.32 million bpd in September 2024.
However, OPEC said in its November oil market report released Tuesday, that the October output figure represented a 0.68 per cent rise from the 1.32 million bpd recorded in September.
According to the cartel, production data was based on direct communication with Nigerian authorities.
The organisation receives data on crude oil production from direct communication, which is from members of the group, and secondary communication, such as energy intelligence platforms.
However, secondary sources reported that Nigeria’s crude production increased by 2.88 percent to 1.43 million bpd in October, up from 1.39 million bpd in September.
The sources said, “Total OPEC’s crude oil production averaged 26.53 mb/d in October 2024, which is 466 tb/d higher, m-o-m. Crude oil output increased mainly in Libya, Nigeria, and Congo, while production in IR Iran, Iraq, and Kuwait decreased.
“At the same time, total non-OPEC DoC crude oil production averaged 13.80 mb/d in October 2024, which is 251 tb/d lower, m-o-m. Crude oil output increased mainly in Malaysia and Bahrain, while production in Kazakhstan decreased.”
Consequently, Nigeria retained its position as the biggest oil producer in Africa, followed by Algeria, which produced 909, 000 bpd in the month under review. Also, Congo ranked the third-largest oil producer with 265,000 bpd in the month examined.
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