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OPEC reports that Nigeria’s average daily crude oil production fell to 1.25 million barrels per day (bpd) in May 2024.

The decline represents a 2.34 percent fall from the 1.28 barrels per day recorded in April.

OPEC made this known in its monthly oil market report.

The organisation assembles oil production data on crude oil production from direct communication with member countries and energy intelligence platforms.

Despite the decline, OPEC said Nigeria retained its position as the largest oil producer in Africa.

Libya followed with a production of 901,000 bpd in the reviewed month, while Algeria emerged as the third-largest oil producer with 264,00 bpd in May.

OPEC said secondary sources reported that Nigeria’s crude production increased by five percent to 1.41 million bpd from 1.35 million bpd reported in April.

It said both production levels fell below Nigeria’s 2024 OPEC production quota of 1.5 million bpd.

OPEC said, “Crude oil output increased mainly in Nigeria, Gabon, and Equatorial Guinea, while production in Saudi Arabia, Kuwait, Libya, and the Congo decreased.

Meanwhile, total non-OPEC DoC crude oil production averaged 14.29 million barrels per day (mb/d) in May 2024, which is 152 thousand barrels per day (tb/d) lower compared to the previous month.