Nigeria’s Crude Oil Production For February Drops By 7.3% – OPEC
Petroleum Exporting Countries(OPEC) said Nigeria’s crude oil production dropped by 7.3 per cent in February 2024.
According to direct data sources obtained from OPEC’s Monthly Oil Market Report (MOMR) for March, the country’s output slid to 1.322 million barrels per day (mb/d) in February 2024, from 1.427mb/d in January 2024, representing a loss of 104, 000 barrels per day all through the month under review.
Nigeria was among several countries allocated a lower crude oil output target after years of failing to meet the previous ones. Its 2024 target was reduced to 1.38 million from the previous year’s 1.74 million.
President Bola Tinubu in November said his administration had “adopted a conservative oil price benchmark of 77.96 US dollars per barrel and daily oil production estimate of 1.78 million barrels per day” after reviewing developments in the world oil market and domestic conditions.
Despite the struggle to meet OPEC’s quota, Nigeria still retained its position as Africa’s biggest oil producer among the continental members of the oil bloc.
Its closest rival on the continent was Libya whose oil production for February stood at 1.17 mb/d, followed by Algeria which did 906,000 barrels daily.
The report also revealed that the global oil production for 2024 from non-OPEC producers is expected to grow by 1.1 million barrels daily
As for OPEC countries, projected output is expected to hit 64,000 barrels daily averaging around 5.5 million barrels for the year.
