Nigeria’s daily production of crude oil decreased by 104,000 barrels to 1.32 million barrels in February from 1.42 million barrels per day.
The OPEC monthly oil market report (MOMR) states as much.
The monthly amount was derived from direct correspondence between Nigeria and the OPEC authorities.
On the other hand, Nigeria reported producing 1.47 million barrels of crude oil per day in February, according to secondary sources. This amounts to a daily increase of 47,000 barrels of oil.
Nigeria continued to be the continent’s largest oil producer among OPEC members, despite a monthly decline in crude oil production.
Nigeria’s closest continental competitor was Libya, which produced 1.17 million barrels of oil per day during the month, followed by Algeria, which produced 906,000 barrels per day.
The analysis projects that in 2024, the output of oil worldwide from non-OPEC producers will increase by 1.1 million barrels per day, while the production from OPEC members will increase by 64,000 barrels per day or almost 5.5 million barrels annually.
Based on statistics from secondary sources, the oil production of OPEC members rose by 203,000 barrels per day in February, to approximately 26.5 million barrels per day.
“OPEC-12 crude oil production increased by 203 tb/d, m-o-m, averaging 26.57 mb/d, as reported by available secondary sources,” the statement read.
Saudi Arabia raised its oil production for the month by almost 55,000 barrels per day, despite promises to reduce oil production moving forward. Additionally, it maintained its uncontested lead as the world’s biggest oil producer, producing about 9.01 million barrels per day.
