Nigeria’s Crude Oil Production Drops By 7.94%

A current report from the Organisation of Petroleum Exporting Countries, OPEC has revealed that Nigeria’s crude oil production experienced a decline of 7.94% month-on-month, reaching 1.322 million barrels per day in February 2024, compared to 1.427 million barrels per day in January 2024.

Nigeria, along with other countries, had its target reduced due to previous failures in meeting the set quotas.

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The target for 2024 was adjusted to 1.38 million barrels per day, down from the previous target of 1.74 million barrels per day.

President Bola Tinubu had previously announced a conservative oil price benchmark of 77.96 US dollars per barrel and a daily oil production estimate of 1.78 million barrels per day.

This decision was made after a thorough review of global oil market developments and domestic conditions.

These details were disclosed in the March Monthly Oil Market Report (MOMR) released by OPEC.

According to secondary sources, Nigeria’s daily crude oil production for February stood at 1.47 million barrels, indicating an increase of 47,000 barrels per day.

Despite the challenges faced in meeting OPEC’s quota, Nigeria continues to maintain its position as Africa’s largest oil producer among the member countries of the oil bloc.

Libya was the nearest competitor on the continent, with oil production of 1.17 mb/d for the month, while Algeria followed closely behind at 906,000 barrels daily.

The report also indicated that non-OPEC global oil production is forecasted to increase by 1.1 million barrels daily in 2024.

OPEC countries are projected to reach an output of 64,000 barrels daily, with an average of approximately 5.5 million barrels for the year.

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