Nigeria’s crude oil production has fallen by 27,000 barrels per day (bpd), according to a new report released by the Organisation of the Petroleum Exporting Countries (OPEC). The country’s output dropped from 1.352 million barrels per day (mbpd) in August to 1.324 mbpd in September, marking a slight decline amid ongoing efforts by the government to ramp up production.
The latest figures were disclosed in OPEC’s October Monthly Oil Market Report, based on direct communication with Nigeria’s Federal Government. The drop in production comes at a time when the government is working toward achieving a target of 2 million bpd.
Despite this setback, Nigeria’s oil output had shown signs of improvement earlier in the year. In July, the country’s production stood at 1.307 mbpd, and by August, it had risen to 1.352 mbpd, fueling optimism that production would continue to climb. However, the decline in September presents a challenge to those hopes.
OPEC’s report also noted that production cuts were not limited to Nigeria. Other major oil-producing nations, including Libya, Iraq, and Saudi Arabia, also saw reductions in their output. Overall, crude oil production from OPEC-12 member countries averaged 26.04 million bpd in September, down by 604,000 bpd compared to the previous month. On the other hand, non-OPEC countries saw a slight increase in crude production, averaging 14.06 million bpd, a 47,000 bpd rise from the prior month.
While Nigeria’s government continues its efforts to boost oil production, the recent drop serves as a reminder of the challenges facing the country’s oil sector.
