By Ken Afor
The Organization of Petroleum Exporting Countries (OPEC), on Thursday, stated that Nigeria’s crude oil production rose to 1.476 million barrels per day in February from 1.429 mbpd recorded in January.
The organization made this statement in its Monthly Oil Market Report (MOMR) for March.
Additionally, the organization noted that Nigeria’s Gross Domestic Product (GDP) increased by 3.2 percent year-on-year (y-o-y) in Quarter four of 2023 (4Q23), with an annual growth rate of 2.9 percent for 2023.
This growth, according to the organization, was propelled by rapid advancements in Nigeria’s agricultural sector.
Elsewhere, crude oil production in the North African country of Libya rose to 1.167 mbpd in February from 1.023 mbpd recorded in January.
However, in Iraq, production decreased from 4.217 million barrels per day in January to 4.203 million barrels per day in February.
Similarly, in Iran, 3.148 million barrels per day were produced in February compared to 3.163 million barrels per day in January.
From OPEC’s secondary data sources, its 12-member countries produced 26.57 million barrels per day in February, which is 203 thousand barrels per day higher month-on-month (m-o-m) in January.
The organization noted that oil production figures were obtained from two sources: either direct communication by member countries or information released by secondary energy intelligence platforms.
