Herein this post, the organization of petroleum exporting countries (OPEC) stated that Nigeria’s crude oil production drops by 7.94%.
The Organization of Petroleum Exporting Countries (OPEC) has stated that Nigeria experienced 7.94% month-on-month decline in crude oil production, dropping to 1.322 million barrels per day in February 2024 from 1.427 million barrels per day in January 2024.
The country’s output according to direct data sources obtained from OPEC’s Monthly Oil Market Report (MOMR) for March slid to 1.322 million barrels per day (mb/d) in February 2024, from 1.427mb/d in January 2024, representing a loss of 104, 000 barrels per day all through the month under review.
Nigeria was among several countries, given a lower target after years of failing to meet the previous ones. Its 2024 target was reduced to 1.38 million from the previous 1.74 million.
The revised 2024 target for Nigeria is 1.38 million barrels per day, down from the previous 1.74 million.
READ: CRUDE OIL EXPLORATION IN NORTHERN NIGERIA
In November, President Bola Tinubu’s administration set a conservative oil price benchmark of $77.96 per barrel and an estimated daily oil production of 1.78 million barrels after assessing global oil market developments and domestic conditions.
Despite the struggle to meet OPEC’s quota, Nigeria remains Africa’s largest oil producer among continental bloc members.
Its closest rival on the continent was Libya whose oil production for February stood at 1.17 mb/d, followed by Algeria which did 906,000 barrels daily.
Additionally, the report indicates that global oil production from non-OPEC producers is expected to increase by 1.1 million barrels daily in 2024.
As for OPEC countries projected output is expected to hit 64,000 barrels daily averaging around 5.5 million barrels for the year.