Nigeria’s average crude oil production in September dropped by 33,000 barrels to 1.405 million barrels per day.
In its October oil market report, OPEC noted that Nigeria’s crude oil production decreased from 1.438 million barrels per day in August, based on secondary data from Nigerian authorities.
Direct communication indicates that Nigeria’s average crude oil production for September was 1.324 million barrels per day, a decrease of 27,000 barrels from 1.352 million barrels per day in August.
Direct communication indicates that Nigeria’s average crude oil production for September was 1.324 million barrels per day, a decrease of 27,000 barrels from 1.352 million barrels per day in August.
In July, US crude and condensate production experienced a slight decline, while natural gas liquids (NGLs) production decreased month-on-month but remained strong at approximately 6.9 million barrels per day, reflecting a year-on-year increase of 0.4 million barrels.
For 2024, US liquids supply growth is projected at 0.6 million barrels per day, with Canada, Brazil, and China also contributing significantly to non-DoC growth.
In September 2024, OPEC-12’s total crude oil production averaged 26.04 million barrels per day, a month-on-month decrease of 604,000 barrels per day.
Increases were seen in Iran and Kuwait, while Libya, Iraq, Nigeria, and Saudi Arabia experienced production declines. Meanwhile, non-OPEC DoC members averaged 14.06 million barrels per day, reflecting a month-on-month increase of 47,000 barrels per day, with Kazakhstan leading the gains and Russia seeing a decline in production.
The decline in crude oil production in September aligns with an earlier Nairametrics report indicating that Nigeria’s production fell by 40,000 barrels.
Nigeria has been struggling to boost production to meet its OPEC quota and local refinery demands, with output remaining steady since the beginning of the year.
