Uche Cecil Izuora
The Organization of Petroleum Exporting Countries (OPEC) has maintained that Nigeria’s average daily crude oil production increased marginally to 1.33 million barrels per day (bpd) in October 2024.
The OPEC disclosed this in its Monthly Oil Market Report (MOMR) on November 12, citing figures from secondary sources.
The oil cartel obtains data on crude oil production from two sources: direct communication which is from member countries and secondary communication, such as energy intelligence platforms.
According to OPEC, the current output figure represents a 0.68 per cent rise from the 1.32 million bpd recorded in September.
As a result, the current production figure indicates that Nigeria retained its position as the biggest oil producer in Africa, surpassing Algeria, which produced 909,000 bpd in October, according to the oil alliance.
The OPEC said Congo produced 265,000 bpd in October, making the country the third-largest oil producer in Africa.
However, the OPEC said secondary sources reported that Nigeria’s crude production increased by 2.88 per cent to 1.43 million bpd in October up from 1.39 million bpd in September.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.53 mb/d in October 2024, which is 466 tb/d higher, m-o-m. Crude oil output increased mainly in Libya, Nigeria and Congo, while production in IR Iran, Iraq, and Kuwait decreased,” the oil cartel said.
“At the same time, total non-OPEC DoC crude oil production averaged 13.80 mb/d in October 2024, which is 251 tb/d lower, m-o-m. Crude oil output increased mainly in Malaysia and Bahrain, while production in Kazakhstan decreased.”
On November 11, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the country’s crude oil and condensate output is expected to increase amid is plan to open bids for onshore and offshore oil blocks.
Enorense Amadasu, executive commissioner of development and production at NUPRC, said bids will be opened for 31 oil and gas blocks in an effort to increase the country’s crude oil production and boost economic activities