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Nigeria’s Crude Oil Production Drops To 1.25mbpd In May — OPEC

According to the Organisation of Petroleum Exporting Countries, Nigeria’s crude oil production fell to a record low of 1.25 million barrels per day in May 2024.

According to Channels Television’s OPEC monthly oil market report for June, the country’s average daily output in May was 1.25 million barrels per day (bpd), a 2.34 percent drop from 1.28 million bpd in April.

The group asserted that the production data was obtained through direct conversation with Nigerian authorities.OPEC obtains data on crude oil production from two sources: direct communication from member countries and secondary communication through energy intelligence networks.

Further investigation of the report revealed that output was at 1.3mb/d in the fourth quarter of 2023 and the first quarter of this year.

The drop in production comes despite the Nigerian National Petroleum Company Limited’s (NNPCL) declared progress in combating crude oil theft and pipeline damage.

Despite the fall, OPEC said the country remains Africa’s greatest oil production, followed by Libya, which produced 901,000 bpd in the reviewed month.

OPEC said that Algeria was the third-largest oil output in May, with 264,00 bpd.

In contrast, the OPEC report stated that secondary sources showed that Nigeria’s crude production grew by 5% to 1.41 million bpd from 1.35 million bpd in April.

Both estimates fell short of 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.”

 

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