The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that Nigeria’s average crude oil production in May fell to 1.25 million barrels daily from 1.28 million bpd recorded in April 2024.
This is according to the OPEC Monthly Oil Market (MOMR) for the month of May which put total crude oil supply by OPEC+ members at 40.9 million bpd according to secondary sources.
This represents a decline of 30,000 bpd when compared to the 1.28 million bpd recorded in the previous month of April and the second lowest in 2024.
The average crude oil production of 1.25 million bpd for the month under review represents the second lowest crude oil production in 2024 only exceeding the crude oil production in March which stood at 1.23 million.
Despite the low crude oil production, Nigeria remained the biggest crude oil producer in Africa trailed by Angola and Libya
However, according to secondary sources, Nigeria’s crude oil production increased by 74,000 barrels from 1.34 million bpd to 1.41 million bpd in the month under review.
The figure is in line with an earlier survey by Reuters which stated that Nigeria’s crude oil production in May increased by around 50 thousand bpd in May.
