FG, OPEC Disagree on Nigeria’s Crude Oil Production

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Nigeria's average daily crude oil production has been the subject of disagreement between the Federal Government and the Organisation of Petroleum Exporting Countries (OPEC). Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, claims that the country's oil production has increased to 1.65 million barrels per day (bpd), while OPEC estimates the nation's production to 1.32 million bpd in February 2024.

Speaking yesterday in Abuja, during a podcast hosted by Bruit Costaud in collaboration with Ballard Partners of USA, Edun claimed that Nigeria's oil production increased to 1.65 million bpd from 1.25 million bpd in June 2023, while He said, in June 2023, the oil production and sales were approximately 1.25 million barrels per day. It is currently up to 1.65 million barrels per day, which is one non-inflationary way to bring dollars and revenue into the government coffers.

Meanwhile, Nigeria's average daily crude oil production fell to 1.32 million bpd in February, according to OPEC's monthly oil market report, which was published yesterday. According to the report, the oil output number is 105,000 barrels per day, or 7.36 percent less than the 1.42 million barrels per day that was reported in January.

According to OPEC, direct communication with Nigerian authorities served as the basis for the production data.

Two sources provide data on crude oil output to OPEC: direct communication from group members and secondary communication from sources like energy intelligence platforms. The nation maintained its lead in oil production in Africa with its current drilling performance.

According to OPEC, Algeria produces 906,000 barrels per day, whereas Libya is Africa's second-largest producer with 1.17 million barrels per day. However, according to OPEC's secondary sources, Nigeria produces 1.476 million barrels of crude oil per day, up 3.29 percent from the 1.429 million barrels per day that the oil cartel recorded in January of this year.

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