The Federal Government and the Organisation of Petroleum Exporting Countries (OPEC) have given conflicting reports on Nigeria’s average daily crude oil production.
While Minister of Finance and Coordinating Minister of the Economy, , with Wale Edun, claims that the country’s oil production has risen to 1.65 million barrels per day (bpd), OPEC put the nation’s production at 1.32 million bpd in February 2024.
Speaking in Abuja yesterday at a podcast hosted by Bruit Costaud in collaboration with Ballard Partners of USA, Edun said that Nigeria’s oil production increased to 1.65 million bpd, from 1.25 million bpd in June 2023. He stated: “The prices are still elevated and as you know in June 2023, the oil production and sales were roughly 1.25 million barrels per day.
“Now, it is up to 1.65 million barrels per day, that is one source of bringing in dollars and revenue into the government coffers that is non-inflationary.”
However, in its monthly oil market report released yesterday, OPEC reported that Nigeria’s average daily crude oil production dropped to 1.32 million bpd in February. It stated that the oil output figure represents 105,000 bpd or 7.36 percent decrease from the 1.42 million bpd recorded in January.
OPEC claims that the production data was based on direct communication with Nigerian authorities.
OPEC said Libya is Africa’s second-largest producer, with 1.17 million barrels per day, followed by Algeria with 906,000 bpd. But OPEC’s secondary sources put Nigeria’s crude production at 1.476 million bpd — a 3.29 percent uptick from the 1.429 million bpd reported by the oil cartel in January this year.
