Nigeria’s crude oil production rose to 1.352 million barrels per day in August from 1.307mbpd in July 2024.
Nigeria’s crude oil production rose to 1.352 million barrels per day in August from 1.307mbpd in July 2024.
The Organisation of the Petroleum Exporting Countries disclosed this in its September Monthly Oil Market Report.
Further analysis showed that the average daily crude production rose marginally by 45,000 barrels per day, based on information obtained through direct communication with the Nigerian government.
President Bola Tinubu had stated in an August 4 nationwide broadcast that oil production had increased to 1.6 mbpd in July, attributing the boost to the reforms announced in May to address issues within the Petroleum Industry Act.
Tinubu’s August statement read, “Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act.
“Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve.”
Similarly, on July 26, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive Gbenga Komolafe had disclosed that daily oil production had reached 1.61 mbpd in July during a House of Representatives Special Committee’s hearing on oil theft and losses.
He stated, “As of July 23, 2024, Nigeria’s average daily production stands at 1.61 mbpd.”
However, OPEC’s report showed a different figure, indicating that Nigeria’s production in July was 1.30 mbpd, based on data from the Nigerian government. This is lower than both the government’s and NUPRC’s claims.
In May, Nigeria’s oil production had further declined to 1.25 mbpd, despite earlier claims by the Nigerian National Petroleum Company Limited that production was nearing 1.7 mbpd.
OPEC data also reflected a decrease of 30,000 bpd, with production dropping from 1.28 mbpd in April to 1.25 mbpd in May.
