OPEC, which is the organization of Petroleum Exporting Countries has revealed that Nigeria’s production of petrol heavily declined in May as only 1.25 million barrels of crude oil was produced per day, and this has recorded a huge fall of 2.34% from the 1.28 million barrels per day that were recorded in April, 2024.
The organization made this known through their monthly market report, revealing that the production information was based on direct contact with the Nigerian authorities.
Data is been given to OPEC from two major sources, which are, by direct contact- which is from member countries; and also secondary contact, which are from energy intelligence platforms.
Although there had been a massive decline in the production, OPEC still maintains that the country is still the major and largest oil producer in the whole of Africa, Second place was Libya, the country recorded a production of 901,000 barrels per day in the month of May.
Coming third place is Algeria, they recorded a total of 264,00 barrels per day in May. However the secondary sources revealed that, Nigeria’s production of crude oil had increased massively by five percent to 1.41 million barrels from the previous which was 1.35 barrels per day in the month of April.
Still both figures were said to be below the OPEC’s 2024 oil production quota for Nigeria. the report stated, “According to secondary sources, total OPEC -12 crude oil production averaged 26.63 mb/d in May 2024, 29 mb/d Month-on-Month
“Crude oil out put 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 mb/d in May 2024, 152 tb/d lower ,m-o-m, crude oil out put increased mainly in Mexico, while production in Russia and Kazakhstan decreased.”
