Nigeria’s oil production drops 30,000b Sept – OPEC
In September, Nigeria's average crude oil production decreased by 33,000 barrels to 1.405 million barrels per day.
OPEC's October oil market report highlighted Nigeria's decline in crude oil production from 1.438 million barrels per day in August, based on data from Nigerian authorities.
Direct sources indicated that Nigeria's average crude oil production for September was 1.324 million barrels per day, marking a decrease of 27,000 barrels from the August production of 1.352 million barrels per day.
In July, there was a slight decline in US crude and condensate production, while natural gas liquids (NGLs) production decreased month-on-month but remained strong at around 6.9 million barrels per day, showing a year-on-year increase of 0.4 million barrels.
US liquids supply growth for 2024 is forecasted at 0.6 million barrels per day, with significant contributions from Canada, Brazil, and China to non-DoC growth.
OPEC-12's total crude oil production averaged 26.04 million barrels per day in September 2024, reflecting a month-on-month decrease of 604,000 barrels per day.
Iran and Kuwait saw increases, while Libya, Iraq, Nigeria, and Saudi Arabia experienced declines in production. Non-OPEC DoC members averaged 14.06 million barrels per day, showing a month-on-month increase of 47,000 barrels per day, with Kazakhstan leading the gains and Russia observing a production decline.
The decrease in Nigeria's crude oil production in September is consistent with a previous Nairametrics report indicating a 40,000-barrel drop.
Nigeria has been facing challenges in increasing production to meet its OPEC quota and local refinery demands, with output remaining stable since the start of the year.
Leave A Comment