Nigeria has lost the status of the most increased crude oil production member of the Organisation of Petroleum Exporting Countries (OPEC) for February 2024 to Libya This is according to OPEC’s Monthly Oil Market Report (MOMR) for February released yesterday. Nigeria held the most increased crude oil production country of OPEC for consecutive two months of December 2023 and January 2024. Total OPEC production in January was 26.368mbpd while it was 26.571mbpd in February, an increase of 203,000b/d. OPEC said: “According to secondary sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February 2024, 203 tb/d higher, m-om. Crude oil output increased mainly in Libya and Nigeria, while production in IR Iran and Iraq decreased.” However, using direct communication, Nigeria’s crude oil production declined from 1.427mbpd in January to 1.322mbpd, which is a whooping decline of 104,000b/d.
