Nigeria’s average crude oil production in September fell by as much as 33,000 barrels to 1.405 million barrels per day.
The Organization of the Petroleum Exporting Countries (OPEC) revealed in its October oil market report that Nigeria’s crude oil production fell from 1.438 million barrels per day in August, according to secondary data from Nigerian authorities.
Nigeria’s average crude oil production in September was 1.324 million barrels per day, a decrease of 27,000 barrels per day compared to 1.352 million barrels per day in the previous month, according to direct information.
Despite this decline, Nigeria remains Africa’s largest oil producer, widening the gap with Libya, where production has fallen to 450,000 barrels per day due to closures of major oil fields.
Non-DoC liquid supply, which refers to production from countries not participating in the Declaration of Cooperation (DoC), is projected to increase by 1.2 mb/d in 2024 and maintain an average of 53.1 mb/d, consistent with last month’s assessment. I am.
U.S. crude oil and condensate production fell slightly in July, while natural gas liquefied (NGL) production fell month-on-month but reflected an increase of 0.4 mb/d from a year earlier, at about 6.9 million mb/d. It remained steady. U.S. liquid supply growth is expected to be 0.6 megabytes per day in 2024, with Canada, Brazil, and China being the main contributors to non-DoC growth.
crude oil supply According to secondary sources, OPEC-12’s total crude oil production in September 2024 averaged 26.04 million barrels per day (mb/d), an increase of 604,000 barrels per day (tb/d) from the previous month. reflects a decrease.
Crude oil production increased in Iran and Kuwait, but fell in Libya, Iraq, Nigeria and Saudi Arabia. On the other hand, the total crude oil production of non-OPEC DoC member countries averaged 14.06 million barrels/day in September 2024, an increase of 47 trillion barrels/day from the previous month, with Kazakhstan leading the increase, but Russia’s production decreased.
insight The decline in crude oil production in September confirms an earlier Nairametrics report that stated Nigeria’s crude oil production fell by 40,000 barrels in the month.
The report also notes that other OPEC countries, particularly Libya, faced difficulties in producing oil in September due to concerns that continued to disrupt the country’s supplies.
Meanwhile, Nigeria is struggling to increase crude oil production to meet both OPEC quotas and local refinery demand. Since the beginning of this year, the country’s production has hovered between 1.2 million and 1.3 million barrels per day.
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