OPEC Disputes Nigerian Government's Oil Output Figures, Reports 1.434 Million Barrels Per Day In October

The Organization of Petroleum Exporting Countries (OPEC) has reported Nigeria’s crude oil output, excluding condensates, as 1.434 million barrels per day (bpd) for October 2024, lower than the Nigerian Federal Government’s figure of 1.8 million bpd for the same period.

In its Monthly Oil Market Report (MOMR) released in November, OPEC clarified that its figures were based on secondary data sources.

The discrepancy between OPEC’s report and Nigeria’s official figures includes an estimate of 250,000 bpd for condensates, a lighter type of oil often added to crude output totals.

When condensates are removed, the Nigerian government’s own estimate for October crude oil production would stand at around 1.55 million bpd, still exceeding OPEC’s figure by 226,000 bpd.

OPEC’s data also showed a slight increase in Nigeria's production from September, where the nation produced 1.324 million bpd, to 1.333 million bpd in October 2024.

OPEC reported that Nigeria remains the top oil producer in Africa, with an output of 1.434 million barrels per day (bpd), while Sudan recorded the lowest production at 28,000 bpd.

Increased oil production from Nigeria, Libya, and Congo contributed to OPEC's overall higher output during the period.

Meanwhile, speaking at the recently concluded Nigerian Association of Petroleum Explorationists (NAPE) conference, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, highlighted "pipeline vandalism and crude oil theft on an alarming scale" as major threats to Nigeria’s energy security, Vanguard reports.

In his presentation, titled “Resolving the Nigerian Energy Trilemma: Energy Security, Sustained Growth, and Affordability,” Ogbe emphasized the need for large-scale oil and gas projects, as well as a security strategy based on collaboration with host communities.

To achieve these goals, Ogbe noted that the NCDMB is working with industry stakeholders to dedicate one week each year for signing Final Investment Decisions (FIDs) on new projects, fostering urgency among investors and regulators to meet deadlines.

He expressed confidence that these FIDs would "catalyze new projects in Nigeria's oil and gas sector."

However, he stressed that close cooperation between stakeholders and the NCDMB would help implement the Presidential Directives issued in March 2024, accelerating the contracting cycle and encouraging sector investment.