By Milcah Tanimu
The Organisation of Petroleum Exporting Countries (OPEC) has announced an increase in crude oil production, primarily driven by Nigeria and Libya, while production in Iran and Iraq experienced a decline.
According to OPEC’s Monthly Oil Market Report (MOMR) for March, total OPEC-12 crude oil production averaged 26.57 million barrels per day (mb/d) in February, marking a 203 tb/d increase month-on-month (m-o-m).
In February, Nigeria’s crude oil production rose to 1.476 million barrels per day (bpd) compared to 1.429 bpd recorded in January. Similarly, Libya’s production increased to 1.167 million bpd in February from 1.023 million bpd in January.
Conversely, Iraq witnessed a decrease in production from 4.217 million bpd in January to 4.203 million bpd in February, while Iran produced 3.148 million bpd in February compared to 3.163 million bpd previously.
OPEC obtains its crude oil production figures from two sources: Direct Communication by member countries or information released by secondary energy intelligence platforms.
Additionally, OPEC noted that Nigeria’s Gross Domestic Product (GDP) experienced a 3.2 percent year-on-year (y-o-y) increase in Quarter four of 2023 (4Q23), leading to an annual growth rate of 2.9 percent for the year 2023. This growth was primarily driven by advancements in the agricultural sector.
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