OPEC Reports Shifts in Crude Oil Production Across Member Nations

The Organization of Petroleum Exporting Countries (OPEC) has released its Monthly Oil Market Report (MOMR) for March, revealing notable changes in crude oil output among member nations. According to the report, crude oil production surged primarily in Nigeria and Libya, while witnessing declines in Iran and Iraq.

OPEC’s data indicated that total crude oil production among its 12 member countries averaged 26.57 million barrels per day (mb/d) in February, marking a month-on-month (m-o-m) increase of 203 thousand barrels per day (tb/d).

Nigeria saw a rise in crude oil production, reaching 1.476 million barrels per day (bpd) in February compared to 1.429 bpd recorded in January. Similarly, Libya’s production climbed to 1.167 million barrels per day in February, up from 1.023 million barrels per day in January.

Conversely, Iraq experienced a slight decrease in production from 4.217 million bpd in January to 4.203 million bpd in February. Iran also saw a marginal decline, producing 3.148 million bpd in February compared to 3.163 million bpd previously.

OPEC obtains its crude oil production data from two primary sources: direct communication by member countries and information provided by secondary energy intelligence platforms.

In addition to oil production updates, the report highlighted Nigeria’s economic performance, noting a 3.2 percent year-on-year increase in Gross Domestic Product (GDP) in the fourth quarter of 2023 (4Q23). This contributed to an annual growth rate of 2.9 percent for the year 2023, largely driven by advancements in the agricultural sector.

The OPEC report underscores the dynamic nature of crude oil production among member nations and provides insights into the economic landscape of key oil-producing countries like Nigeria. As global oil markets continue to evolve, OPEC remains vigilant in monitoring production trends and their implications for the broader energy sector.

Kindly share this story: