• A report by the Organisation of Petroleum Exporting Countries (OPEC) shows that Nigeria recorded the highest crude oil for March
• The report said that Nigeria’s production averaged about 1.28 million barrels daily in the period under reviewed
• Other countries in Africa with improved crude oil production include Libya, Algeria, Congo and Gabon
LEGIT
Recent data from the Organisation of Petroleum Exporting Countries (OPEC) shows that global oil prediction for 2024 remains the same.
Oil production declined in most OPEC members in Africa during the first quarter of 2024, except for Algeria, Libya, and Congo.
Nigeria Leads In Oil Production
The report says Nigeria produced the most oil for April despite falling short of its output.
The latest OPEC report for April shows an increase in the price of crude oil, rising by 5.8% every month or $4.90 to an average of $89.12 per barrel.
Oil futures prices rose, with ICE Brent rising by $4.33, or 5.1%, to $89 per dollar and the NYMEX WTO front-month contract increasing by $3.98, or 4.9%, to $84.39 per barrel.
According to reports, OPEC said in April, refinery margins declined as the rebound in refinery processing rates and increased production affected products in the markets.
Oil Production Declines In April
A survey found that OPEC oil output fell in April, reflecting lower exports from Iran, Iraq, and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.
Reuters reports OPEC members pumped 26.49 million barrels per day (bpd) this April, down by 100,000 bpd from March’s revised total.
