News

March 14, 2024

Crude oil production increases in Nigeria, Libya – OPEC

OPEC

The Organisation of Petroleum Exporting Countries (OPEC) said crude oil output increased mainly in Nigeria and Libya, while production in Iran and Iraq decreased.

OPEC said based on secondary data sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February, with 203 tb/d higher, month-on-month (m-o-m).

OPEC said this in its Monthly Oil Market Report (MOMR) released for March.

The report stated that in February, Nigeria’s crude oil production rose to 1.476 million barrels per day (bpd) against 1.429 bpd recorded in January.

It said Libya recorded 1.167 m/bpd in February, against 1.023 m/bpd recorded in January.

Conversely, the report said Iraq decreased in production from 4.217 m/bpd in January to 4.203 m/bpd in February, while Iran produced 3.148 m/bpd in February against 3.163 m/bpd.

According to OPEC, it obtains its crude oil production figures from two sources: either direct communication by member countries or information released by secondary energy intelligence platforms.

The report further stated that Nigeria’s Gross Domestic Product (GDP) witnessed an increase of 3.2 per cent, year-on-year (y-o-y) in Quarter four of 2023 (4Q23).

OPEC said this led to an annual growth rate of 2.9 per cent for 2023.

This, it said, was primarily fueled by advancements in the agricultural sector. (NAN)