Nigeria’s crude oil production fell to 1.25 million barrels per day in May, a 2.34% decrease from April’s 1.28 million barrels per day, according to OPEC’s June report. The data was obtained through direct communication with Nigerian officials and secondary energy intelligence sources.
Despite efforts by the Nigerian National Petroleum Company Limited (NNPCL) to combat oil theft and pipeline damage, the decline persisted. However, Nigeria remains Africa’s leading oil producer, followed by Libya and Algeria, with 901,000 and 264,000 barrels per day, respectively.
Interestingly, secondary sources indicated a 5% rise in Nigeria’s production to 1.41 million barrels per day from April’s 1.35 million. Nevertheless, these figures fall short of Nigeria’s OPEC quota of 1.5 million barrels per day for 2024. The report also noted that OPEC’s overall production averaged 26.63 million barrels per day in May, with increases in Nigeria, Gabon, and Equatorial Guinea offset by declines in Saudi Arabia, Kuwait, Libya, and Congo.