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Nigeria’s crude oil production in April rebounds to 1.28mb/d – OPEC

OPEC, crude oil production

Nigeria’s average crude oil production for the month of April marginally rose to 1.281 million barrels daily according to the Organization of Petroleum Exporting Countries (OPEC) monthly oil market report for April.

According to direct sources from the federal government, daily crude oil production increased by 51 thousand barrels from 1.231 million barrels per day to 1.281 mb/d.

However, data from secondary sources to the oil cartel reports a decline in average daily oil production by 46 thousand barrels from 1.4 million barrels daily to 1.354 million barrels per day.

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Crude oil production by OPEC members

As per secondary sources, the 12 members of the oil cartel produced 26.58 million barrels per day- a decline of 48 thousand barrels compared to the production in March. In the month, crude oil production mainly increased in Congo and Iran while Nigeria, Iraq and Venezuela saw decreases.

Non-OPEC members

The other supporters of the oil cartel mainly led by Russia during the month recorded an average daily oil production of 14.44 million barrels daily. When compared with the previous month, there was a decrease of 198 thousand barrels. Among this group, Bahrain increased her oil production while Russia and Kazakstan reported decline in oil production.

What you should know

Despite the marginal increase in crude oil production, it still falls below the production quota set by OPEC and daily production target as reported in the 2024 budget. In the first quarter of the year, Nigeria consistently failed to meet its OPEC daily production quota of 1.5 million barrels per daily and even the higher target of 1.78 million bp/d proposed in the 2024 appropriation bill.

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