Nigerian Govt Differs From OPEC On Crude Oil Production Data

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The Federal Government of Nigeria and the Organisation of Petroleum Exporting Countries, OPEC, are in disagreement concerning the average daily crude oil production of Nigeria.

Speaking at a podcast hosted by Bruit Costaud in collaboration with Ballard Partners of USA, the Minister of Finance, and Coordinating Minister of the Economy, Wale Edun, said Nigeria’s oil production has a significant increase of 1.65 million bpd, from 1.25 million bpd as at June 2023, while OPEC said as at February 2024, the nation’s oil production is 1.32 million bpd.

“The prices are still elevated and as you know in June 2023, the oil production and sales were roughly 1.25 million barrels per day.

“Now, it is up to 1.65 million barrels per day, that is one source of bringing in dollars and revenue into the government coffers that is non-inflationary,” he said.

In the monthly oil market report that was released on Wednesday, OPEC reported that Nigeria’s average daily crude oil production dropped to 1.32 million bpd in February.

According to OPEC, the oil output figure shows a 105,000 bpd or 7.36 percent fall from the 1.42 million bpd that was recorded in January. OPEC claimed that the production data was as a result of direct communication with Nigerian authorities.

“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 Iran and Iraq decreased,” the report said.

OPEC further asserted that Libya is Africa’s second-largest producer, with 1.17 million barrels per day, followed by Algeria with 906,000 bpd. As at the time of this report, the true figures have not been decided; leaving Nigerians, and the global crude market in suspense.

 

 

 

 

 

 

 

 

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