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 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 fueled by advancements in the
agricultural sector. -NAN
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