Nigeria’s average crude oil production in the month of September dipped to 1.324 million barrels per day, fresh data by the Organisation of Petroleum Exporting Countries (OPEC) released on Monday, October 14, 2024 has shown.
In the October Monthly Oil Market Report (MOMR) published by the cartel, Nigeria recorded a decline of 28 thousand barrels when compared to 1.352 million barrels per day recorded in the previous month.
Despite this decline, Nigeria remained Africa’s largest oil producer, widening the gap with Libya, which experienced production setbacks due to the shutdown of key oil fields, reducing its output to 450 thousand barrels per day.
According to secondary sources, Nigeria’s average crude production dipped by 33,000 barrels to 1.405 million barrels per day from 1.438 million barrels per day in August.
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Crude oil output saw increases in Iran and Kuwait, while production declined in Libya, Iraq, Nigeria, and Saudi Arabia. Meanwhile, total crude oil production from non-OPEC DoC members averaged 14.06 mb/d in September 2024, marking a month-on-month increase of 47 tb/d, with Kazakhstan leading the gains, while Russia experienced a decline in production.
With this decline in production, Nigeria continues its struggles to ramp up oil production to meet both its OPEC quota and local refinery demands.
By: Babajide Okeowo
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