Nigeria’s crude oil production experienced a marginal increase in October 2024, reaching an average of 1.33 million barrels per day (bpd). This information was disclosed in the Organisation of Petroleum Exporting Countries (OPEC)’s monthly oil market report, released on November 12.
According to the report, the figure was based on data directly communicated by Nigerian officials to the oil cartel.Thank you for reading this post, don’t forget to subscribe!
OPEC, which gathers production data through both direct communications with member countries and secondary sources, noted that Nigeria’s current output represents a 0.68 per cent increase from the 1.32 million bpd recorded in September.
This slight rise in output enabled Nigeria to retain its status as Africa’s largest oil producer, surpassing Algeria, which produced 909,000 bpd in October. Congo ranked third with 265,000 bpd, according to the report.
However, the data reported by secondary sources present a slightly different perspective. According to Naija247news these sources estimated Nigeria’s crude production at 1.43 million bpd in October, a 2.88 percent increase from September’s 1.39 million bpd.
OPEC’s report further highlighted trends across its member countries, noting that “total OPEC-12 crude oil production averaged 26.53 mb/d in October 2024, which is 466 tb/d higher month-on-month.” The production increase was attributed mainly to growth in Nigeria, Libya, and Congo, while countries like Iran, Iraq, and Kuwait experienced a decline.
The report also provided insights into non-OPEC production, which averaged 13.80 mb/d in October—a 251 tb/d decrease from the previous month. Non-OPEC production increases were reported in Malaysia and Bahrain, whereas Kazakhstan’s output declined.
In a related development, Nigeria is seeking to further bolster its crude oil and condensate production. On November 11, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced a plan to open bids for 31 onshore and offshore oil blocks, a move aimed at increasing Nigeria’s production capacity and stimulating economic activities.
Enorense Amadasu, NUPRC’s executive commissioner of development and production, said the open bidding process is a significant step toward enhancing Nigeria’s output.
The initiative aligns with Nigeria’s long-term economic objectives, especially within the context of global energy market dynamics.
SOURCE: Naija247news