Economy

Oil Production Declines by 27,000 BPD

Written by Agboola Oluwafemi on October 15, 2024

News Views: 227

Nigeria’s crude oil production receded to 1.324 million barrels per day (mbpd) in September, as reported by the Organisation of the Petroleum Exporting Countries (OPEC) on Monday.

In its October Monthly Oil Market Report, OPEC disclosed that the nation’s output fell from 1.352 mbpd in August to 1.324 mbpd in September.

The report underscored that Nigeria experienced an average daily shortfall of 27,000 barrels, as communicated directly with the Federal Government.

This decline emerges as the Federal Government endeavors to meet its target of two million barrels per day.

In July, crude production stood at 1.307 mbpd, which increased to 1.352 mbpd in August, fostering optimism among industry stakeholders for sustained growth in production levels.

However, the recent drop in output constitutes a notable setback.

Referring to data obtained from secondary sources, OPEC additionally observed that Nigeria’s production declined from 1.438 mbpd to 1.405 mbpd during the previous month.

OPEC remarked, “According to secondary sources, total OPEC-12 crude oil production averaged 26.04 mb/d in September 2024, which is 604,000 b/d lower, month-on-month. Crude oil output increased mainly in IR Iran and Kuwait, while production in Libya, Iraq, Nigeria, and Saudi Arabia decreased.”

“According to secondary sources, total OPEC-12 crude oil production averaged 26.04 mb/d in September 2024, which is 604,000 b/d lower, month-on-month. Crude oil output increased mainly in IR Iran and Kuwait, while production in Libya, Iraq, Nigeria, and Saudi Arabia decreased.”

At the same time, non-OPEC crude oil production reached an average of 14.06 mbpd in September 2024, reflecting a month-on-month increase of 47 tb/d. Output in Kazakhstan saw an uptick, while production in Russia experienced a decline.