The Organisation of Petroleum Exporting Countries (OPEC) said Nigeria’s crude oil production month-on-month dropped by 7.94% to 1.322 million barrels per day, bpd in February 2024, from 1.427 million bpd in January 2024.
Nigeria, along with several other countries, received a reduced target after consistently failing to meet previous ones. Its 2024 target was revised downward from 1.74 million to 1.38 million barrels.
In November, President Bola Tinubu announced that his administration had adjusted its oil price benchmark to $77.96 per barrel and daily production estimate to 1.78 million barrels per day, citing developments in the global oil market and domestic conditions. This information was disclosed in the March Monthly Oil Market Report (MOMR).
According to secondary sources, Nigeria’s daily crude oil production for February stood at 1.47 million barrels, marking an increase of 47,000 barrels per day.
Despite challenges in meeting OPEC’s quota, Nigeria retained its position as Africa’s largest oil producer among the continental members of the oil bloc. Its closest competitor on the continent was Libya, with a February oil production of 1.17 million barrels per day, followed by Algeria at 906,000 barrels daily.
The report also indicated that global oil production from non-OPEC producers is projected to increase by 1.1 million barrels per day in 2024. Additionally, OPEC countries’ projected output is expected to reach 64,000 barrels per day, averaging around 5.5 million barrels for the year.