The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s average crude oil production in May dropped to 1.25 million barrels per day (bpd) from 1.28 million bpd recorded in April 2024.

The latest drop represents a decline of 2.34 percent compared to the 1.28 million bpd recorded in the previous month of April.

This data is from the OPEC Monthly Oil Market Report (MOMR) for May.

However, according to secondary sources, OPEC reported that Nigeria’s crude oil production increased by 74,000 barrels, from 1.34 million bpd to 1.41 million bpd in May.

“According to secondary sources, total OPEC-12 crude oil production averaged 26.63 million bpd in May 2024, 29,000 bpd higher month-on-month. Crude oil output increased mainly in Nigeria, Gabon, and Equatorial Guinea, while production in Saudi Arabia, Kuwait, Libya, and Congo decreased,” the report stated.

The report said the total crude oil supply by OPEC+ members hit 40.9 million bpd, according to secondary sources.

Accordingly, the total non-OPEC crude oil production averaged 14.29 million bpd in May 2024, 152,000 bpd lower month-on-month, with crude oil output increasing mainly in Mexico, while production in Russia and Kazakhstan decreased.

Global demand for oil and the average price in May remained consistent with the previous month, showing worldwide growth in demand for crude oil at 2.2 million bpd. However, it projected daily crude oil demand across the globe to reach 104.5 million bpd in 2024.

In May, the average crude oil price according to the OPEC Reference Basket (ORB) decreased by $5.53, or 6.2 per cent month-on-month, averaging $83.59 per barrel.

Oil futures prices also saw a decline, with the Intercontinental Exchange Brent front-month contract dropping by $6.00, or 6.7 percent, to an average of $83.00 per barrel.