Nigeria’s crude oil production fell to 1.324 million barrels per day (bpd) in September, according to a report released by the Organisation of the Petroleum Exporting Countries (OPEC) on Monday.
In its Monthly Oil Market Report for October, OPEC noted that production decreased from 1.352 million bpd in August, indicating a loss of 27,000 bpd based on direct communications with the Federal Government.
This decline comes as the Federal Government aims to boost production to two million bpd.
In July, Nigeria’s output was at 1.307 million bpd, which increased to 1.352 million bpd in August, raising hopes among stakeholders for a continued upward trend. However, the recent drop represents a significant setback.
OPEC also reported a decrease in Nigeria’s crude production from secondary sources, noting a drop from 1.438 million bpd to 1.405 million bpd last month.
According to OPEC, “Total OPEC-12 crude oil production averaged 26.04 million bpd in September 2024, which is 604,000 bpd lower month-on-month. Crude oil output increased mainly in Iran and Kuwait, while production in Libya, Iraq, Nigeria, and Saudi Arabia saw declines.”
In contrast, total crude oil production from non-OPEC countries averaged 14.06 million bpd in September 2024, reflecting an increase of 47,000 bpd month-on-month.
Written by: Believe Ovara