The Organisation of Petroleum Exporting Countries (OPEC) announced that Nigeria's average daily crude oil production fell to 1.25 million barrels per day (bpd) in May. This information was detailed in OPEC's monthly oil market report released on Tuesday, which was based on direct communication with Nigerian authorities.

OPEC collects crude oil production data through two main sources: direct communication from member countries and secondary sources such as energy intelligence platforms. According to the report, the current output represents a 2.34 percent decline from the 1.28 million bpd recorded in April.

Despite the decline, Nigeria remains the largest oil producer in Africa, followed by Libya, which produced 901,000 bpd in May. Algeria was the third-largest producer with 264,000 bpd.

Interestingly, secondary sources reported an increase in Nigeria's crude production by five percent, reaching 1.41 million bpd, up from 1.35 million bpd in April. However, both figures—whether from the government or secondary sources—fall short of the 2024 production quota of 1.5 million bpd set for the country by OPEC.

The report also highlighted that crude oil output increased mainly in Nigeria, Gabon, and Equatorial Guinea, according to secondary sources, while production decreased in Saudi Arabia, Kuwait, Libya, and Congo.

"According to secondary sources, total OPEC-12 crude oil production averaged 26.63 mb/d in May 2024, 29 tb/d higher month-on-month," the report stated. "Crude oil output increased mainly in Nigeria, Gabon, and Equatorial Guinea, while production in Saudi Arabia, Kuwait, Libya, and Congo decreased. At the same time, total non-OPEC DoC crude oil production averaged 14.29 mb/d in May 2024, 152 tb/d lower month-on-month. Crude oil output increased mainly in Mexico, while production in Russia and Kazakhstan decreased."