Rédaction Africa Links 24 with News Desk
Published on 2024-03-14 13:40:45
The Organisation of Petroleum Exporting Countries (OPEC) has reported an increase in crude oil output, with Nigeria and Libya contributing to the rise, while Iran and Iraq experienced a decrease in production. According to OPEC’s Monthly Oil Market Report (MOMR) released in March, the total OPEC-12 crude oil production averaged 26.57 million barrels per day (mb/d) in February, representing a 203 thousand barrels per day (tb/d) increase compared to the previous month.
In February, Nigeria’s crude oil production rose to 1.476 million barrels per day (bpd) from 1.429 bpd in January, while Libya recorded 1.167 m/bpd in February compared to 1.023 m/bpd in January. Conversely, Iraq’s production decreased from 4.217 m/bpd in January to 4.203 m/bpd in February, and Iran produced 3.148 m/bpd in February against 3.163 m/bpd in January.
OPEC obtains its crude oil production data from direct communication by member countries or secondary energy intelligence platforms. The report also highlighted Nigeria’s Gross Domestic Product (GDP) growth of 3.2 percent year-on-year in the fourth quarter of 2023, resulting in an annual growth rate of 2.9 percent for the year, driven primarily by advancements in the agricultural sector.
The report indicates a mixed trend in crude oil production among OPEC member countries, with some countries increasing output while others experienced a decline. This dynamic nature of oil production highlights the ongoing fluctuations in global oil markets and the impact of geopolitical factors on production levels.
The report’s findings underscore the importance of monitoring oil production levels and trends, as they have significant implications for global energy markets, prices, and supply dynamics. Understanding the factors influencing oil production in different countries can help policymakers, analysts, and market participants make informed decisions and forecasts regarding the oil market’s future trajectory.
Overall, the OPEC report provides valuable insights into the current state of global oil production and underscores the need for continuous monitoring and analysis of oil market dynamics to inform decision-making and strategic planning in the energy sector. By staying informed about developments in the oil market, stakeholders can better navigate the uncertainties and challenges inherent in the global energy landscape.
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