April 21, 2024

FG, OPEC differ on crude oil production figures

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Adebayo Obajemu

The Federal Government and the Organization of Petroleum Exporting Countries (OPEC), have taken different positions on Nigeria’s average daily crude oil production.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Wednesday stated that Nigeria’s oil production increased to 1.65 million bpd, from 1.25 million bpd in June 2023.

Edun spoke in Abuja at a podcast hosted by Bruit Costaud in collaboration with Ballard Partners of USA.

The minister said the country’s oil production has increased to 1.65 million barrels per day (bpd), while OPEC put the nation’s production at 1.32 million bpd in February 2024.

“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,” he said.

However, in its monthly oil market report released on Wednesday, OPEC reported that Nigeria’s average daily crude oil production dropped to 1.32 million bpd in February.

According to OPEC, the oil output figure represents 105,000 bpd or 7.36 percent decrease from the 1.42 million bpd recorded in January.

OPEC said 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.

“According to secondary sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February 2024, 203 tb/d higher. Crude oil output increased mainly in Libya and Nigeria, while production in IR Iran and Iraq decreased,” the report read.

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