Nigerian Government And OPEC At Odds Over Crude Oil Production Figures

Nigerian Government And OPEC At Odds Over Crude Oil Production Figures

Discrepancies have emerged between the Federal Government and the Organisation of Petroleum Exporting Countries (OPEC) concerning Nigeria’s average daily crude oil production…….READ ALSO Nigerian Government Boosts Nurses’ Enrollment To 120,000 Annually Amid ‘Japa’ Syndrome Concerns

During a podcast hosted by Bruit Costaud in collaboration with Ballard Partners of the USA, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, asserted that Nigeria’s oil production surged to 1.65 million barrels per day (bpd) from 1.25 million bpd in June 2023.

Edun emphasized the significance of this increase, highlighting its role in bolstering non-inflationary revenue for the government amid elevated oil prices.

However, OPEC’s monthly oil market report, released concurrently, presented a conflicting narrative. OPEC reported that Nigeria’s average daily crude oil production plummeted to 1.32 million bpd in February, marking a substantial decline from the 1.42 million bpd recorded in January.

The report attributed the decline to direct communication with Nigerian authorities, indicating a notable decrease of 105,000 bpd or 7.36 percent.

OPEC’s data places Libya as Africa’s second-largest producer with 1.17 million barrels per day, followed by Algeria with 906,000 bpd.

The report further stated, “According to secondary sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February 2024, 203 tb/d higher. Crude oil output increased mainly in Libya and Nigeria, while production in IR Iran and Iraq decreased.”