According to the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s average daily crude oil production dipped to 1.32 million barrels per day (bpd) in February. This figure indicates a decrease of 105,000 bpd or 7.36% from the 1.42 million bpd recorded in January.
OPEC’s monthly oil market report, released on Wednesday, revealed that the production data was obtained through direct communication with Nigerian authorities. The report noted that Nigeria remains Africa’s largest oil producer despite the decline in output.
In comparison, Libya emerged as the second-largest producer in Africa with a daily output of 1.17 million barrels, followed by Algeria with 906,000 bpd.
However, OPEC’s secondary sources reported a slightly different figure for Nigeria’s crude production, estimating it at 1.476 million bpd. This represents a 3.29% increase from the 1.429 million bpd reported in January.
The report attributed the rise in crude oil output to increased production in Libya and Nigeria, while noting decreases in production in countries like Iran and Iraq.
OPEC’s total crude oil production among its 12 member countries averaged 26.57 million barrels per day in February, marking an increase of 203,000 barrels per day from the previous month. While Nigeria’s daily production saw a decline in February, it remains a key player in the global oil market. OPEC’s report underscores the importance of monitoring production trends to assess the impact on global oil supply and prices.
