OPEC: Nigeria’s Crude Oil Output Slumped in September

SEATTLE (Oil Monster): Despite the nation's efforts to increase output, Nigeria's crude oil production fell in September of this year, according to the most recent figures provided by the Organization of Petroleum Exporting Countries (OPEC). Iran and Kuwait had gains in output among OPEC members, while Saudi Arabia, Libya, and Iraq saw decreases in production.

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In September 2024, OPEC projected Nigeria's crude oil production to reach 1.32 million barrels per day (bpd) based on direct communication with the country's government. However, information obtained from secondary sources indicates that the production was close to 1.4 million bpd in total. Compared to August's production of 1.35 million bpd this year, September's production showed a minor dip of 2.22%.

Nigeria continued to be the largest oil producer in Africa. Algeria was in second place with 908,000 bpd of output, followed by Congo with 270,000 bpd of production in the month under review.

The world oil demand growth projections were lowered by OPEC from 2.03 million bpd to 1.93 million bpd. The primary reason for the downgrade is a reduction in the growth estimate for China, mostly because of persistent economic issues and the country's ongoing transition to cleaner fuels.