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OPEC: Nigeria’s oil production dropped to 1.32m bpd in February

The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production dropped to 1.32 million barrels per day (bpd) in February. The…

The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production dropped to 1.32 million barrels per day (bpd) in February.

The oil output figure represents 105,000 bpd or 7.36 per cent decrease from the 1.42 million bpd recorded in January.

In its monthly oil market report released on Wednesday, OPEC said the production data was based on direct communication with Nigerian authorities.

OPEC receives data on crude oil production from two sources: direct communication — which is from members of the group; as well as secondary communication, such as energy intelligence platforms.

With its current drilling performance, the country retained its position as the biggest oil producer in Africa.

OPEC said Libya is Africa’s second-largest producer, with 1.17 million barrels per day, followed by Algeria with 906,000 bpd.

Meanwhile, OPEC’s secondary sources put Nigeria’s crude production at 1.476 million bpd — a 3.29 per cent uptick from the 1.429 million bpd reported by the oil cartel in January this year.

“According to secondary sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February 2024, 203 tb/d higher, m-o-m. Crude oil output increased mainly in Libya and Nigeria, while production in IR Iran and Iraq decreased,” the report reads.

 

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