Nigeria’s Crude Oil Production Drops To 1.25mbpd in May — OPEC

The Organization of Petroleum Exporting Countries reports that in May 2024, Nigeria’s crude oil production fell to a historic low of 1.25 million barrels per day.

According to Channels Television’s coverage of the OPEC monthly oil market report for June, the nation’s average daily output in May was 1.25 million barrels per day (bpd), a 2.34 percent decrease from the 1.28 million bpd reported in April.

The team claimed that direct contact with Nigerian authorities served as the basis for the production figures. Data on crude oil production is provided to OPEC from two sources: secondary sources, like energy intelligence platforms, and direct communication from member nations.

Subsequent examination of the data revealed that as of this year’s first quarter and the fourth quarter of 2023, output stood at 1.3 mb/d.

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