In the monthly oil market report released by the Organization of Petroleum Exporting Countries (OPEC) on Thursday, October 12, detailed insights into the oil production for September were provided.
Nigeria, a significant contributor, produced 1.3 million barrels per day of crude oil during that month.
This figure excluded condensates production, which, when included, brought the total to 1.5 million barrels per day.
- Advertisement -
Comparatively, other major oil-producing nations had the following production figures for September:
- Libya: 1.19 million barrels per day
- Angola: 1.11 million barrels per day
- Algeria: 957,000 barrels per day
The OPEC report highlighted that, according to secondary sources, the collective crude oil production of OPEC-13 averaged 27.75 million barrels per day in September 2023. This showed an increase of 273 thousand barrels per day compared to the previous month.
Key contributors to this increase were Nigeria, Saudi Arabia, and Kuwait, while Venezuela and Equatorial Guinea experienced a decrease in production.
Furthermore, the report pointed out that in September, the share of OPEC crude oil in the total global production saw a slight uptick of 0.3 percentage points, reaching 27.6% compared to the preceding month.
These insights provide a comprehensive view of the oil production landscape for that specific period, aiding in better understanding the dynamics of the global oil market.
