Nigeria’s crude oil production decreased to 1.25 million barrels per day in May from 1.28 million barrels per day in April 2024, according to the latest report from the Organisation of Petroleum Exporting Countries (OPEC).
The data, sourced directly from Nigerian authorities, contrasts with secondary sources reporting a 5% increase to 1.41 million barrels per day during the same period.
Despite the drop, Nigeria maintains its position as Africa’s top oil producer, followed by Libya and Algeria. OPEC’s overall crude oil production increased by 29,000 barrels per day in May, driven by higher outputs in Nigeria, Gabon, and Equatorial Guinea.
Non-OPEC crude oil production decreased by 152,000 bpd in May, with Mexico being the only country to experience an increase in output.
The global demand for crude oil is projected to reach 104.5 million bpd in 2024, with a consistent average price in May.
The OPEC Reference Basket price dropped to $83.59 per barrel in May, a 6.2 percent decrease from the previous month.
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