Nigeria’s crude oil production dropped to 1.324 million barrels per day in September, the Organisation of the Petroleum Exporting Countries said on Monday.
In its Monthly Oil Market Report for October, OPEC disclosed that the country’s crude production fell from 1.352mbpd in August to 1.324mbpd in September.
This, it said, indicated that the country lost an average of 27,000 barrels per day, according to direct communication with the Federal Government.
This is coming at a time when the Federal Government said it was making efforts to hit two million bpd.
In July, the Federal Government pumped up 1.307mbpd and this increased to 1.352 in August, giving stakeholders the hope that oil production would continue to rise.
However, the latest drop in production is like a setback.
From data it sourced from secondary sources, OPEC said Nigeria Nigeria’s crude production dropped from 1.438mbpd to 1.405mpd last month.
OPEC said, “According to secondary sources, total OPEC-12 crude oil production averaged 26.04 mb/d in September 2024, which is 604,000 b/d lower, month-on-month. Crude oil output increased mainly in IR Iran and Kuwait, while production in Libya, Iraq, Nigeria, and Saudi Arabia decreased.”
At the same time, total non-OPEC countries’ crude oil production averaged 14.06 mb/d in September 2024, which is 47 tb/d higher, m-o-m.
Crude oil output increased mainly in Kazakhstan, while production in Russia decreased.
