Business
Nigeria’s crude oil production rises to 1.33mbpd in October
The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that Nigeria’s average daily crude oil production increased marginally to 1.33 million barrels per day (bpd) in October 2024.
This was contained in the cartel’s Monthly Oil Market Report (MOMR) released on November 13, 2024.
It noted that the figure was obtained from direct communication with Nigerian officials.
According to OPEC, the current output figure represents a 0.68 percent rise from the 1.32 million bpd recorded in September.
As a result, the current production figure indicates that Nigeria retained its position as the biggest oil producer in Africa, surpassing Algeria, which produced 909,000 bpd in October, according to the oil alliance.
OPEC said Congo produced 265,000 bpd in October, making the country the third-largest oil producer in Africa.
However, the oil cartel said secondary sources reported that Nigeria’s crude production increased by 2.88 percent to 1.43 million bpd in October — up from 1.39 million bpd in September.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.53 mb/d in October 2024, which is 466 tb/d higher, m-o-m. Crude oil output increased mainly in Libya, Nigeria and Congo, while production in IR Iran, Iraq, and Kuwait decreased,” the oil cartel said.
“At the same time, total non-OPEC DoC crude oil production averaged 13.80 mb/d in October 2024, which is 251 tb/d lower, m-o-m. Crude oil output increased mainly in Malaysia and Bahrain, while production in Kazakhstan decreased.”
By Babajide Okeowo
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