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 was one of the countries assigned a lower target after years of failing to reach prior ones. Its 2024 target was reduced to 1.38 million from the previous 1.74 million.
In November, President Bola Tinubu said that his administration had “adopted a conservative oil price benchmark of 77.96 US dollars per barrel and a daily oil production estimate of 1.78 million barrels per day” after examining global oil market developments and domestic conditions.
This information was presented in the March Monthly Oil Market Report (MOMR).
According to secondary sources, Nigeria produced 1.47 million barrels of crude oil per day in February. This represents an increase of 47,000 barrels of oil per day.
Despite the difficulty to meet OPEC’s quota, Nigeria is Africa’s largest oil producer among OPEC’s continental members.
Its nearest competition on the continent was Libya, which produced 1.17 million barrels per day in the month, followed by Algeria, which produced 906,000 barrels daily.
According to the analysis, non-OPEC countries are predicted to increase global oil output by 1.1 million barrels per day in 2024.
In terms of OPEC countries, estimated output is 64,000 barrels per day, with an annual average of 5.5 million barrels.