October 15, (THEWILL) – Nigeria’s average daily crude oil production dropped by 33,000 barrels to 1.32 million barrels per day (bpd) in September 2024, the Organisation of Petroleum Exporting Countries (OPEC), said on Monday.
The cartel in its October oil market report released on Monday, said the September output figure represents a 2.22 percent decrease from the 1.35 million bpd recorded in August.
OPEC said the 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.
According to the international group, while secondary data from Nigerian authorities indicates crude oil production fell from 1.438 million barrels per day in August, direct communication shows that average crude oil production for September was 1.324 million barrels per day, a drop of 27 thousand barrels compared to 1.352 million barrels per day in the previous month.
Also, OPEC’s secondary sources put Nigeria’s crude production at 1.40 million bpd, a 2.29 percent decline from the 1.43 million bpd reported by the oil alliance in August.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.04 mb/d in September 2024, which is 604 tb/d lower, m-o-m. Crude oil output increased mainly in IR Iran and Kuwait, while production in Libya, Iraq, Nigeria, and Saudi Arabia decreased.
“At the same time, total non-OPEC DoC crude oil production averaged 14.06 mb/d in September 2024, which is 47 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan, while production in Russia decreased”, OPEC said.
Consequently, Nigeria retained its position as biggest oil producer in Africa, followed by Algeria, which produced 908,000 bpd in the month under review. Also Congo ranked third-largest oil producer with 270,000 bpd in the month examined.
