OPEC Disagrees With NNPC Over Nigeria’s Crude Oil Production Figure

• The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production for October is N1.434 million barrels daily
• The figure contrasts sharply with Nigeria’s figure of 1.8 million barrels per day in the same month
• However, OPEC said that Nigeria remains the African country with the highest oil production in October

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Organisation of Petroleum Exporting Countries (OPEC) disclosed on Wednesday, November 13, 2024, that Nigeria’s oil production, excluding condensate, stood at 1.434 million barrels per day in October 2024.

The OPEC figure shows a massive difference from Nigeria’s claim of 1.8 million barrels per day for the same month, including condensate.

OPEC’s data differs from FG’s numbers

The condensate output averages 250 barrels daily, showing that crude output per FG’s claim was about 1.55 million in October.

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In its November 2024 Monthly Oil Market Report released on Wednesday, October 2024, the global oil cartel said the information was based on data from secondary sources.

However, data from direct sources shows that OPEC estimates Nigeria’s crude oil output to be about 1.333 million barrels per day, excluding condensate in the review month.

Nigeria remains the leading oil producer in Africa 

Vanguard reports that the figure shows a marginal increase of 0.6% from 1.324 million barrels per day recorded in September 2024.

The OPEC figure shows about 226,000bpd gap between Nigeria’s figures.

Meanwhile, OPEC said Nigeria remains African, with the highest oil production in October, at 1.434 million barrels per day. Meanwhile, Sudan has the lowest crude oil production, at 28,000 barrels daily.

It said increased oil production in Nigeria, Libya, and Congo contributed to higher output.

Countries with the highest oil reserves

Legit.ng previously reported that the Nigerian authorities recently announced an increase in oil production from 1.28 million barrels per day to 1.7 million, making Africa’s largest oil producer.

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While Nigeria’s oil production has increased significantly over the years as it battles to contain oil theft and low output, it has lost its position as the country with the largest oil reserves in Africa.

Crude oil production is critical to the economic well-being of Nigeria and other oil-producing countries in Africa.

Source: Legit.ng