The Organisation of Petroleum
Exporting Countries (OPEC) said crude oil output increased mainly in Nigeria
and Libya, while production in Iran and Iraq decreased.
OPEC said based on secondary
data sources, total OPEC-12 crude oil production averaged 26.57 mb/d in
February with 203 tb/d higher, month-on-month (m-o-m).
OPEC said this in its Monthly
Oil Market Report (MOMR) released for March.
The report stated that in
February, Nigeria’s crude oil production rose to 1.476 million barrels per day
(bpd) against 1.429 bpd recorded in January.
It said Libya recorded 1.167
m/bpd in February against 1.023 m/bpd recorded in January.
Conversely, the report said
Iraq decreased in production from 4.217 m/bpd in January to 4.203 m/bpd in
February, while Iran produced 3.148 m/bpd in February against 3.163 m/bpd.
According to OPEC, it obtains
its crude oil production figures from two sources, either as Direct
Communication by member countries or information released by secondary energy
intelligence platforms.
The report further stated that
Nigeria’s Gross Domestic Product (GDP) witnessed an increase of 3.2 per cent,
year-on-year (y-o-y) in Quarter four of 2023 (4Q23).
OPEC said this led to an
annual growth rate of 2.9 per cent for 2023.
This, it said, was primarily
fuelled by advancements in the agricultural sector.
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