According to a study by the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production fell to a record 1.25 million barrels per day in May 2024, resulting in a loss of revenue.
According to the June edition of the monthly oil market report, the nation produced 1.25 million barrels per day (bpd) on average in May, a decrease of 2.34 percent from the 1.28 million bpd that was reported in April.
The team claimed that direct contact with Nigerian authorities served as the basis for the production figures. Data on crude oil production is provided to OPEC from two sources: secondary sources, like energy intelligence platforms, and direct communication from member nations.
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.”
