Nigeria’s daily crude oil production increased from 1.39 million barrels per day (bpd) to 1.43 million bpd in October 2024.
This is according to the November 2024 monthly oil market report from the Organization of Petroleum Exporting Countries (OPEC), which reflects supply data for the previous month.
The report Indicates that Nigeria added approximately 35,000 bpd to its crude production. Data sourced from secondary channels also confirms that Nigeria remains Africa’s leading crude oil producer, despite not meeting its OPEC production quota.
As in previous months, Libya ranks as the second-largest crude oil producer in Africa, followed by Algeria, Congo, Gabon, and Equatorial Guinea.
OPEC’s secondary sources, derived from independent agencies or organizations, are used to estimate and report crude oil production levels of member countries.
These sources ensure transparency and consistency in assessing production figures, reducing reliance on data self-reported by the member states.
Meanwhile, the report highlights a discrepancy in data from direct sources, which show Nigeria’s crude oil production merely increased by just 9,000 bpd, reaching 1.33 million bpd in October 2024.
Average Crude Oil Supply
According to secondary sources, OPEC-12’s total crude oil production averaged 26.53 million bdp in October 2024, reflecting a month-on-month decrease of 604 thousand barrels per day (tb/d).
Crude oil output saw declined in Iraq, Saudi Arabia and Kuwait, while production increased in Libya, Nigeria, and Congo.
Meanwhile, total crude oil production from non-OPEC DoC members averaged 13.8 million bpd in October 2024, marking a month-on-month increase of 466 tb/d.
What you should know
Although the oil sector contributes only a small fraction to Nigeria’s GDP, it remains a crucial source of foreign exchange and government revenue.
- Its significance extends beyond economic metrics, as it underpins various government operations. Fluctuations in crude oil production have a direct impact on the country’s fiscal stability.
- Nigeria’s OPEC production quota is 1.5 million barrels per day (bpd), but the country has been unable to meet this target since the beginning of the year. However, it has repeatedly stated its ambition to reach a production level of 2 million bpd before December.
- Higher production levels enhance revenue, enabling investments in critical areas such as infrastructure, education, and healthcare.
Conversely, a substantial drop in production can lead to revenue deficits, further straining an already fragile economy, as witnessed in recent years.
