Nigeria’s crude oil production experienced a significant decline to 1.25 million barrels per day (bpd) in May 2024, according to the Organisation of Petroleum Exporting Countries (OPEC).
The OPEC monthly oil market report for June, obtained by Channels Television, indicates that the country’s average daily output in May was 1.25 million bpd, a 2.34 per cent decrease from the 1.28 million bpd recorded in April.
OPEC noted that the production data was based on direct communication with Nigerian authorities. OPEC gathers crude oil production data from two sources: direct communication with member countries and secondary sources like energy intelligence platforms.
Further analysis of the report revealed that production was at 1.3 million bpd in the fourth quarter of 2023 and the first quarter of this year.
The production decline occurred despite reported improvements in combating crude oil theft and pipeline vandalism by the Nigerian National Petroleum Company Limited (NNPCL).
Despite the decline, OPEC stated that Nigeria maintained its position as the largest oil producer in Africa, followed by Libya, which produced 901,000 bpd in May.
Algeria was the third-largest oil producer, with 264,000 bpd in May, according to OPEC.
Conversely, the OPEC report noted that secondary sources indicated Nigeria’s crude production increased by five percent to 1.41 million bpd in May, up from 1.35 million bpd in April.
However, both figures remain below 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.”