The Organisation of Petroleum Exporting Countries (OPEC) said crude oil output increased mainly in Nigeria and Libya, while production in Iran and Iraq decreased.

OPEC said based on secondary data sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February with 203 tb/d higher, month-on-month (m-o-m).

OPEC said this in its March Monthly Oil Market Report (MOMR).

The report stated that Nigeria’s crude oil production rose to 1.476 million barrels per day in February, up from 1.429 bpd recorded in January.

It said Libya recorded 1.167 m/bpd in February against 1.023 m/bpd in January.

Conversely, the report said Iraq’s production decreased from 4.217 m/bpd in January to 4.203 m/bpd in February, while Iran produced 3.148 m/bpd in February compared to 3.163 m/bpd in January.

According to OPEC, its crude oil production figures are obtained from two direct communications by member countries or information released by secondary energy intelligence platforms.

The report further stated that Nigeria’s Gross Domestic Product (GDP) witnessed an increase of 3.2 per cent, year-on-year (y-o-y) in Quarter four of 2023 (4Q23).

OPEC said this led to an annual growth rate of 2.9 per cent for 2023.

It said advancements in the agricultural sector primarily fueled this.

(NAN)