The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s average daily crude oil production rose slightly to 1.33 million barrels per day (bpd) in October 2024. This marks a 0.68% increase from the 1.32 million bpd recorded in September.
This data, released in OPEC’s monthly oil market report on November 12, was obtained through direct communication with Nigerian officials. The organisation collects crude oil production figures from two sources: direct communication with member countries and secondary sources, such as energy intelligence platforms.
The report highlighted Nigeria’s continued dominance as Africa’s largest oil producer, outpacing Algeria, which produced 909,000 bpd in October. Congo ranked third with 265,000 bpd.
OPEC noted a larger increase in Nigeria’s output when secondary sources were considered. These sources reported a 2.88% rise, with production reaching 1.43 million bpd in October compared to 1.39 million bpd in September.
Overall, OPEC-12 crude oil production averaged 26.53 million bpd in October, an increase of 466,000 bpd month-on-month, driven by higher output in Libya, Nigeria, and Congo. In contrast, production declined in Iran, Iraq, and Kuwait. Meanwhile, crude output among non-OPEC countries averaged 13.80 million bpd, a decrease of 251,000 bpd, with gains recorded in Malaysia and Bahrain offset by declines in Kazakhstan.
