NIGERIA’S CRUDE OIL PRODUCTION DROPS TO 1.25M BARREL PER DAY – OPEC
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According to direct communication from the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s average crude oil output in May decreased to 1.25 million barrels per day (bpd) from 1.28 million bpd reported in April 2024.
Based on direct correspondence with Nigerian authorities, this information comes from the May edition of the OPEC Monthly Oil Market Report.
However, secondary sources reported an increase in crude oil production to 1.41 million bpd in May, a 5 percent rise from the previous month.
Despite the decline, Nigeria remains Africa’s largest oil producer, followed by Libya and Algeria.
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Total OPEC-12 crude oil production rose by 29,000 bpd in May, mainly due to increased output in Nigeria, Gabon, and Equatorial Guinea.
Non-OPEC crude oil production decreased by 152,000 bpd in May, with Mexico being the only country to experience an increase in output.
The global demand for crude oil is projected to reach 104.5 million bpd in 2024, with a consistent average price in May.
Meanwhile, OPEC Reference Basket price dropped to $83.59 per barrel in May, a 6.2 percent decrease from the previous month.
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