In a recent revelation by the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s daily crude oil production skyrocketed to 1.28 million barrels in April, marking a notable 4.07% increase from the previous month’s figures. This uptick positions Nigeria back as Africa’s leading oil producer, outpacing Algeria’s output of 907,000 barrels per day.

OPEC, relying on both direct member communications and secondary sources like energy intelligence platforms, disclosed this surge in its latest oil market report. According to the report, Nigeria’s production increase is a significant development, considering it’s the first month-on-month growth in 2024.

The report also highlighted discrepancies between direct and secondary sources regarding Nigeria’s crude production, citing figures of 1.28 million barrels per day and 1.35 million barrels per day, respectively. This variance, though reflecting a 3.15% decline in secondary source data from March, underscores the complexity of accurately gauging oil production.

In light of this, the Nigerian Upstream Regulatory Commission’s findings corroborate OPEC’s data, affirming the country’s production surge. However, despite this positive momentum, Nigeria’s April production fell short of the 1.78 million barrels per day target for funding the 2024 budget.

Despite missing budgetary targets, Nigeria’s production exceeded projections from Reuters and Bloomberg surveys, which relied on shipping data and industry insights. This demonstrates Nigeria’s resilience in the global oil market and sets the stage for continued monitoring of its production dynamics.

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