The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s daily crude oil production increased from 1.39 million barrels per day (bpd) to 1.43 million bpd in October 2024.
The body disclosed this in its November 2024 monthly oil market report which reflects supply data for the previous month.
The report Indicates that Nigeria added approximately 35,000 bpd to its crude production.
Data sourced from secondary channels also confirm that Nigeria remains Africa’s leading crude oil producer, despite not meeting its OPEC production quota.
Libya ranked as the second-largest crude oil producer in Africa, followed by Algeria, Congo, Gabon, and Equatorial Guinea.
OPEC’s secondary sources, derived from independent agencies or organisations, are used to estimate and report crude oil production levels of member countries.
These sources ensure transparency and consistency in assessing production figures, reducing reliance on data self-reported by the member states.
Meanwhile, the report highlights a discrepancy in data from direct sources, which show Nigeria’s crude oil production increased by 9,000 bpd, reaching 1.33 million bpd in October 2024.
According to secondary sources, OPEC-12’s total crude oil production averaged 26.53 million bdp in October 2024, reflecting a month-on-month decrease of 604 thousand barrels per day (tb/d).
Crude oil output saw a decline in Iraq, Saudi Arabia and Kuwait, while production increased in Libya, Nigeria, and Congo.
Meanwhile, total crude oil production from non-OPEC DoC members averaged 13.8 million bpd in October 2024, marking a month-on-month increase of 466 tb/d.
