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 September 2024.
In its monthly oil market report on Monday, OPEC said the production data was based on direct communication with Nigerian authorities.
The oil alliance receives data on crude oil production from two sources: direct communication — which is from members of the group — and secondary communication, such as energy intelligence platforms.
According to the international group, the current output figure represents a 2.22 percent decrease from the 1.35 million bpd recorded in August.
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Consequently, the country retained its position as the biggest oil producer in Africa, followed by Algeria, which produced 908,000 bpd in the month under review.
The data showed Congo was the third-largest oil producer with 270,000 bpd in the month examined.
Also, OPEC’s secondary sources put Nigeria’s crude production at 1.40 million bpd — a 2.29 percent decline from the 1.43 million bpd reported by the oil alliance in August.
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“According to secondary sources, total OPEC-12 crude oil production averaged 26.04 mb/d in September 2024, which is 604 tb/d lower, m-o-m. Crude oil output increased mainly in IR Iran and Kuwait, while production in Libya, Iraq, Nigeria, and Saudi Arabia decreased,” the oil alliance said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.06 mb/d in September 2024, which is 47 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan, while production in Russia decreased.”
On October 10, Mohammed Badaru, minister of defence, said Nigeria would increase its oil output to about 2.3 million barrels per day (bpd) by June 2025.
“By the middle of next year, we will be producing around 2.3 million bpd,” he said.
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Badaru said by the end of the year, the country is expected to be producing around 1.9 million bpd to 2 million bpd.
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