OPEC : Nigeria Reaches 1.28m bpd Daily Oil Production Increase In April

The Organisation of Petroleum Exporting Countries has said Nigeria’s average daily crude oil production increased to 1.28 million barrels per day in April.

This was contained in its latest monthly oil market report, released on Tuesday.

OPEC gathers data on crude oil production from two sources: direct communication from member countries and secondary communication, such as energy intelligence platforms.

The report indicates that Nigeria’s current output marks a 4.07 per cent increase from the 1.23 million barrels per day recorded in March, representing the first month-on-month production growth in the year.

With this volume of production, Nigeria has reclaimed its position as the largest oil producer in Africa, with Algeria following closely in second place with an output of 907,000 barrels per day.

On the other hand, OPEC’s secondary sources reported Nigeria’s crude production at 1.35 million barrels per day in April, indicating a 3.15 per cent decline from the 1.39 million barrels per day recorded in March.

“According to secondary sources, total OPEC-12 crude oil production averaged 26.58 mb/d in April 2024, 48 tb/d lower, MoM. Crude oil output increased mainly in Congo and Iran, while production in Nigeria, Iraq and Venezuela decreased,” the report read.

This report aligns with the findings of the Nigerian Upstream Regulatory Commission, which revealed on Sunday that Nigeria’s crude oil production increased marginally to 1.28 million barrels per day in April.

However, this figure fell short of the 1.78 million barrels per day target set for funding the 2024 budget.

Nonetheless, it surpassed projections from separate Reuters and Bloomberg surveys, which were based on shipping data and information from industry sources.