Nigeria’s Crude Oil Production Rises 1.57% to 1.27mbpd — OPEC
Written by Deborah Oyinloye on July 11, 2024
The Organisation of Petroleum Exporting Countries (OPEC) has reported that Nigeria’s average daily crude oil production rose to 1.27 million barrels per day (bpd) in June. In its monthly oil market report released yesterday, the oil cartel indicated that this production data was derived from direct communication with Nigerian authorities.
OPEC gathers data on crude oil production through two main channels: direct communication with member countries and secondary sources such as energy intelligence platforms.
According to the intergovernmental body, the current output figure marks a 1.57 percent increase from the 1.25 million bpd recorded in May.
As a result of this production level, OPEC noted that Nigeria has retained its status as the leading oil producer in Africa, surpassing Angola, which produced 906,000 bpd in June.
According to OPEC, Congo, with a June production of 259,000 bpd, ranked third among the continent’s largest oil producers. “According to secondary sources, total OPEC-12 crude oil production averaged 26.57 mb/d in June 2024, 80 tb/d lower month-on-month. Crude oil output increased mainly in Libya, Venezuela, and IR Iran, while production in Saudi Arabia, Iraq, and the UAE decreased.
Simultaneously, total non-OPEC DoC crude oil production averaged 14.24 mb/d in June 2024, 45 tb/d lower month-on-month. Crude oil output increased primarily in Kazakhstan and Azerbaijan, while production in Russia declined,” OPEC stated.
On July 2, Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, declared a state of emergency on Nigeria’s crude oil production. “We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production,” he asserted.
Kyari explained that a detailed asset analysis revealed Nigeria’s capacity to produce two million barrels of crude oil daily without requiring new rigs. The primary challenge, however, is the inability of industry players to respond swiftly.
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Author: Deborah Oyinloye
With an interest in media, Deborah aims to impart the lives of people positively.
