March 13, 2024

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.

Channels television reports that 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.

President Bola Tinubu in November said his administration had “adopted a conservative oil price benchmark of 77.96 US dollars per barrel and daily oil production estimate of 1.78 million barrels per day” after reviewing developments in the world oil market and domestic conditions.

This information was revealed in its March Monthly Oil Market Report, MOMR.

Concerning secondary sources, Nigeria recorded a daily crude oil production of 1.47 million barrels for February. representing an increase of 47,000 barrels of oil per day.

Despite the struggle to meet OPEC’s quota, Nigeria still retained its position as Africa’s biggest oil producer among the continental members of the oil bloc.

Its closest rival on the continent was Libya whose oil production for the month stood at 1.17 mb/d followed by Algeria which did 906,000 barrels daily.

The report also revealed that the global oil production for 2024 from non-OPEC producers is expected to grow by 1.1 million barrels daily

As for OPEC countries projected output is expected to hit 64,000 barrels daily averaging around 5.5 million barrels for the year.