OPEC Challenges Nigeria’s Oil Output Claims, Reports 1.434 Million Barrels Per Day for October
By Okafor Joseph Afam | November 14, 2024
The Organization of Petroleum Exporting Countries (OPEC) has sparked debate by reporting Nigeria’s crude oil production at 1.434 million barrels per day (bpd) for October 2024. This figure notably diverges from the Nigerian Federal Government’s reported output of 1.8 million bpd, prompting scrutiny of official oil production data.
In its Monthly Oil Market Report (MOMR) for November, OPEC clarified that its estimate was derived from secondary data sources rather than direct submissions from Nigeria. The discrepancy largely hinges on the classification of condensates—a lighter oil often included in official crude production figures. Excluding an estimated 250,000 bpd of condensates, the Nigerian government’s output would still stand at approximately 1.55 million bpd, exceeding OPEC’s count by 226,000 bpd.
The MOMR data also highlighted a modest month-over-month increase in Nigeria’s oil production, rising from 1.324 million bpd in September to 1.333 million bpd in October. Nigeria remained Africa’s leading oil producer with its 1.434 million bpd output, while Sudan recorded the lowest production at just 28,000 bpd. Increased production in Nigeria, Libya, and Congo contributed to an overall boost in OPEC’s October output.
Addressing the challenges facing Nigeria’s energy sector, Engr. Felix Omatsola Ogbe, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), recently spoke at the Nigerian Association of Petroleum Explorationists (NAPE) conference. He underscored “pipeline vandalism and crude oil theft on an alarming scale” as critical threats to the country’s energy security.
In his presentation titled “Resolving the Nigerian Energy Trilemma: Energy Security, Sustained Growth, and Affordability,” Ogbe called for intensified investment in oil and gas infrastructure and stressed the need for collaboration with host communities to bolster security. He announced that NCDMB has coordinated with industry stakeholders to dedicate one week annually for signing Final Investment Decisions (FIDs) on new projects, fostering an environment where investors and regulators can work toward set deadlines.
Ogbe expressed optimism that these FIDs would serve as a catalyst for new projects within Nigeria’s oil and gas sector. However, he emphasized that implementing the Presidential Directives from March 2024—aimed at accelerating the contracting cycle—would require ongoing cooperation between stakeholders and NCDMB, essential for enhancing sector investment and boosting production output.
