Nigeria experienced a significant decline in crude oil production to 1.25 million barrels per day (bpd) in May 2024, marking a 2.34% drop from 1.28 million bpd recorded in April, according to the Organisation of Petroleum Exporting Countries (OPEC).
The OPEC monthly oil market report for June, as reported by Channels Television, revealed that Nigeria’s average daily output in May was based on direct communication with Nigerian authorities. Despite efforts to combat crude oil theft and pipeline vandalism by the Nigerian National Petroleum Company Limited (NNPCL), production has decreased from 1.3 million bpd observed in late 2023 and early 2024.
Despite the decline, Nigeria retained its position as Africa’s largest oil producer, with Libya following at 901,000 bpd in May. Algeria ranked third with 264,000 bpd.
According to secondary sources cited in the OPEC report, Nigeria’s crude production was reported higher at 1.41 million bpd, a 5% increase from April but still below Nigeria’s 2024 OPEC production quota of 1.5 million bpd.
The report also highlighted fluctuations in crude oil production across OPEC-12 countries, with increases noted in Nigeria, Gabon, and Equatorial Guinea, while decreases were observed in Saudi Arabia, Kuwait, Libya, and Congo.
