The Organisation of the Petroleum Exporting Countries (OPEC) has released its latest monthly oil market report, revealing a significant discrepancy in Nigeria's reported crude oil production figures for October 2024. According to OPEC, Nigeria's average daily crude oil output was approximately 1.434 million barrels per day (bpd), an increase from 1.399 million bpd in September. This figure, derived from secondary sources, contrasts sharply with the Nigerian government's direct communication to OPEC, which indicated a modest increase to 1.333 million bpd.
The report highlights a 0.68 percent rise in production from September to October based on the Nigerian government's figures, while OPEC's secondary sources reflect a 2.88 percent increase. This discrepancy raises concerns about the accuracy of production reporting and compliance with OPEC's established quotas.
OPEC's data collection methods include both direct communication with member states and secondary sources such as independent energy intelligence platforms. The organization emphasized that the reliance on secondary sources ensures greater transparency and consistency in assessing production levels, reducing dependence on self-reported data from member countries.
Despite these discrepancies, Nigeria has retained its position as Africa's largest oil producer, surpassing Algeria, which produced 909,000 bpd, and Congo at 265,000 bpd in October. However, Nigeria's production remains below its OPEC quota of 1.5 million bpd, a target the country has struggled to meet throughout the year.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed optimism about future production increases, citing plans to open bids for new onshore and offshore oil blocks aimed at enhancing crude output and stimulating economic growth.