In May 2024, Nigeria’s average daily crude oil production decreased to 1.25 million barrels per day (bpd) according to data reported directly to OPEC. This figure represents a decline of 2.34% from April’s production level of 1.28 million bpd. Despite this reduction, Nigeria maintained its position as Africa’s largest oil producer, ahead of Libya which produced 901,000 bpd during the same period, and Algeria with 264,000 bpd.
However, secondary sources indicated a different production estimate for Nigeria, reporting an increase in crude oil production to 1.41 million bpd, up by 5% from April’s reported 1.35 million bpd. Both the direct communication and secondary sources’ figures for Nigeria fell below the country’s OPEC production quota of 1.5 million bpd for 2024.
In its monthly oil market report, OPEC noted that total crude oil production among its member countries (OPEC-12) averaged 26.63 million bpd in May 2024, which marked an increase of 29,000 bpd compared to the previous month. This increase was mainly driven by higher production levels in Nigeria, Gabon, and Equatorial Guinea, partially offset by declines in Saudi Arabia, Kuwait, Libya, and Congo.
Meanwhile, non-OPEC crude oil production under the Declaration of Cooperation (DoC) framework averaged 14.29 million bpd in May 2024, representing a decrease of 152,000 bpd month-on-month.
Overall, while Nigeria’s crude oil production showed variability depending on the data source, it remains a significant player in both African and global oil markets, albeit facing challenges in meeting its production targets set by OPEC.