Nigeria’s Crude Oil Production Declines By 7.94% In February

Nigeria’s Crude Oil Production Declines By 7.94% In February

A recent report from the Organisation of Petroleum Exporting Countries (OPEC) has unveiled a 7.94% decrease in Nigeria’s crude oil production, with output reaching 1.322 million barrels per day in February 2024, down from 1.427 million barrels per day in January 2024……READ ALSO Milestone Achievement: OPEC Acknowledges Nigeria’s 1.4 Million Barrels Daily Oil Production

This decline comes as Nigeria, alongside other nations, had its production target reduced following previous failures to meet set quotas.

The target for 2024 was adjusted to 1.38 million barrels per day, marking a decrease from the previous target of 1.74 million barrels per day. President Bola Tinubu had earlier announced a conservative oil price benchmark of $77.96 per barrel and a daily oil production estimate of 1.78 million barrels per day, after reviewing global oil market trends and domestic conditions.

These details were revealed in OPEC’s March Monthly Oil Market Report (MOMR).

According to secondary sources, Nigeria’s daily crude oil production for February stood at 1.47 million barrels, showing a modest increase of 47,000 barrels per day.

Despite challenges in meeting OPEC’s quota, Nigeria maintains its position as Africa’s largest oil producer among the member countries.

Libya trailed behind with oil production of 1.17 mb/d for the month, followed closely by Algeria at 906,000 barrels daily.

The report also forecasts a non-OPEC global oil production increase of 1.1 million barrels daily in 2024, with OPEC countries projected to reach an output of 64,000 barrels daily, averaging approximately 5.5 million barrels for the year.