Nigeria’s crude oil production surges 4.07% to 1.28 mbpd in April

The Organisation of Petroleum Exporting Countries (OPEC) has reported a notable uptick in Nigeria’s average daily crude oil production, reaching 1.28 million barrels per day (bpd) in April.

Released in its latest monthly oil market report, OPEC attributed this increase to direct communication with Nigerian authorities.

OPEC’s meticulous data collection process involves two primary sources: direct communication with member countries and secondary sources, such as energy intelligence platforms.

Advertisement

The April production figures mark a significant 4.07% surge from March, signaling the first month-on-month production growth for the year.

With this enhanced output, Nigeria has reclaimed its position as the foremost oil producer in Africa, surpassing Algeria’s output of 907,000 bpd.

However, OPEC’s secondary sources reported a slight decline in Nigeria’s crude production to 1.35 million bpd in April, representing a 3.15% fall from March’s 1.39 million bpd.

The global oil cartel noted fluctuations in crude oil production across its member countries, with increases observed in Congo and IR Iran, while Nigeria, Iraq, and Venezuela experienced declines. Additionally, total non-OPEC crude oil production saw a modest decrease, primarily due to reductions in Russia and Kazakhstan, offset by an uptick in Bahrain’s output.

Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), recently revealed Nigeria’s substantial reserves, boasting 37.5 billion barrels of crude oil and condensate, along with 209.26 trillion cubic feet (TCF) of natural gas reserves.

This underscores Nigeria’s significant role in global energy markets and highlights the potential for further growth and development in the sector.

[Global Financial Digest]