The Federal Government and the Organisation of Petroleum Exporting Countries (OPEC) are at odds over Nigeria’s daily crude oil production figures.
During a podcast hosted by Bruit Costaud in collaboration with Ballard Partners of the USA, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that Nigeria’s oil production had risen to 1.65 million barrels per day (bpd) from 1.25 million bpd in June 2023.
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However, OPEC reported in its monthly oil market report that Nigeria’s average daily crude oil production dropped to 1.32 million bpd in February 2024, a decrease of 105,000 bpd or 7.36 percent from January.
OPEC’s data is based on direct communication with Nigerian authorities. According to OPEC, Libya ranks as Africa’s second-largest producer with 1.17 million bpd, followed by Algeria with 906,000 bpd.
