March 14, (THEWILL)- Nigeria’s crude oil production rose from 1.429 million barrels per day (bpd) recorded in January to 1.476 million bpd in February 2024, the Organisation of Petroleum Exporting Countries (OPEC) said on Thursday, in its Monthly Oil Market Report (MOMR) released for March.
According to the Cartel, crude oil output increased mainly in Nigeria and Libya, while production in Iran and Iraq decreased.
OPEC said that based on secondary data sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February, with 203 tb/d higher, month-on-month (m-o-m).
While in February, Nigeria’s crude oil production rose to 1.476 million barrels per day (bpd) against 1.429 bpd recorded in January, Libya recorded 1.167 m/bpd in February, against 1.023 m/bpd recorded in January.
Conversely, the report said Iraq decreased in production from 4.217 m/bpd in January to 4.203 m/bpd in February, while Iran produced 3.148 m/bpd in February against 3.163 m/bpd.
The report further stated that Nigeria’s Gross Domestic Product (GDP) witnessed an increase of 3.2 per cent, year-on-year (y-o-y) in Quarter four of 2023 (4Q23). OPEC said this led to an annual growth rate of 2.9 per cent for 2023.
This, it said, was primarily fueled by advancements in the agricultural sector.
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