National Telescope national telescope newspaper
By Funmi Ojo, OYO |
In its latest report, OPEC disclosed that Nigeria’s crude oil production dropped to 1.25 million barrels per day (bpd) in May 2024, marking a decline from 1.28 million bpd recorded in April.
Channels Television highlighted that this decline occurred despite efforts by the Nigerian National Petroleum Company Limited (NNPCL) to combat crude oil theft and pipeline vandalism.
Data collection by OPEC involves direct communication with member countries like Nigeria and secondary sources, including energy intelligence platforms. Nigeria, retaining its status as Africa’s largest oil producer, fell short of its 2024 OPEC production quota of 1.5 million bpd, as reported in both direct and secondary sources.
Libya and Algeria followed Nigeria in oil production for May, with Libya producing 901,000 bpd and Algeria producing 264,000 bpd.
The secondary source data showed an increase to 1.41 million bpd, a 5% rise from April’s figures but still below the annual quota.
OPEC’s broader report indicated an increase in total crude oil production across Nigeria, Gabon, and Equatorial Guinea, offset by decreases in Saudi Arabia, Kuwait, Libya, and Congo.
Additionally, non-OPEC countries like Mexico reported production increases, while Russia and Kazakhstan saw declines.
These developments underscore ongoing challenges and fluctuations in Nigeria’s oil production landscape amid global market dynamics and regional operational factors.
