
Nigeria’s crude oil production took a hit in September, dipping to 1.324 million barrels per day (mb/d), marking a decline of 28,000 barrels from the 1.352 mb/d recorded in August, according to OPEC’s October Monthly Oil Market Report (MOMR).
This decline is further corroborated by secondary sources, which indicate a 33,000-barrel drop to 1.405 mb/d from 1.438 mb/d in August.
Despite this setback, Nigeria retains its position as Africa’s largest oil producer, outpacing Libya, which faced production challenges due to the shutdown of key oil fields, reducing its output to 450,000 barrels per day.
Globally, crude oil output saw increases in Iran (up 43,000 barrels to 2.554 mb/d) and Kuwait (up 20,000 barrels to 2.731 mb/d), while production declined in Libya (down 110,000 barrels to 450,000 mb/d), Iraq (down 15,000 barrels to 4.354 mb/d), Nigeria (down 28,000 barrels to 1.324 mb/d), and Saudi Arabia (down 10,000 barrels to 11.021 mb/d).
Non-OPEC members recorded a slight increase in production, averaging 14.06 mb/d in September, up 47,000 barrels from August. Kazakhstan led the gains with an increase of 30,000 barrels to 1.654 mb/d, while Russia experienced a decline of 20,000 barrels to 11.136 mb/d.
Nigeria’s struggles to ramp up oil production to meet both its OPEC quota and local refinery demands continue, underscoring the need for urgent reforms and investments in the sector.