Nigeria OPEC and Nigerian Government at Odds Over Country's Crude Oil Production

The Federal Government of Nigeria and the Organization of the Petroleum Exporting Countries (OPEC) find themselves in disagreement regarding Nigeria's crude oil production levels. While Wale Edun, Nigeria's Minister of Finance, asserts that the country's daily oil output has surged to 1.65 million barrels per day (bpd), OPEC's monthly oil market report claims otherwise, citing Nigeria's production at 1.32 million bpd in February 2024.

Edun, speaking at a podcast in Abuja, highlighted the increase in production from 1.25 million bpd in June 2023 to 1.65 million bpd, emphasizing its significance in bolstering government revenue.

However, OPEC's data, obtained through direct communication with Nigerian authorities, paints a different picture, indicating a decrease in production to 1.32 million bpd, sparking tensions between Nigeria and the oil cartel. OPEC's secondary sources, meanwhile, report a slight uptick in Nigeria's production, further complicating the situation.

With Nigeria retaining its status as Africa's largest oil producer, this disagreement raises concerns about the accuracy of oil production data and its implications for Nigeria's economy and its standing within OPEC.