Nigeria’s crude oil production fell to a record low of 1.25 million barrels per day (bpd) in May 2024, according to the Organisation of Petroleum Exporting Countries (OPEC).
The OPEC monthly oil market report for June, reviewed by Channels Television, indicated that the country’s average daily output in May was 1.25 million bpd. This marks a 2.34 percent decline from the 1.28 million bpd recorded in April. The data was based on direct communication with Nigerian authorities. OPEC gathers crude oil production data from two sources: direct communication from member countries and secondary sources, such as energy intelligence platforms.
Further analysis of the report showed that production was at 1.3 million bpd during the fourth quarter of 2023 and the first quarter of 2024. This decline in production occurred despite reported improvements in combating crude oil theft and pipeline vandalism by the Nigerian National Petroleum Company Limited (NNPCL).
Despite the decline, Nigeria retained its position as the largest oil producer in Africa, followed by Libya, which produced 901,000 bpd in the reviewed month. Algeria was the third-largest oil producer, with 264,000 bpd in May.
Contrarily, the OPEC report noted that secondary sources indicated Nigeria’s crude production increased by five percent to 1.41 million bpd from 1.35 million bpd in April. Both figures, however, remain below Nigeria’s 2024 OPEC production quota of 1.5 million bpd.
The OPEC report stated: “According to secondary sources, total OPEC-12 crude oil production averaged 26.63 million bpd in May 2024, a 29,000 bpd increase month-on-month. Crude oil output increased mainly in Nigeria, Gabon, and Equatorial Guinea, while production in Saudi Arabia, Kuwait, Libya, and Congo decreased. At the same time, total non-OPEC DoC crude oil production averaged 14.29 million bpd in May 2024, 152,000 bpd lower month-on-month. Crude oil output increased mainly in Mexico, while production in Russia and Kazakhstan decreased.”
