Oil Production Hit 1.35 Million Barrels Per Day in August – OPEC.
Nigeria’s crude oil production rose from 1.307 million barrels per day (mbpd) in July to 1.352 mbpd in August, as reported by the Organisation of the Petroleum Exporting Countries (OPEC) in its September Monthly Oil Market Report.
OPEC noted a slight increase of 45,000 barrels per day in average daily crude production, based on data directly communicated by the Nigerian government.
This report contradicts the Federal Government’s claims that daily crude production was nearing 1.6 mbpd.
President Tinubu, in his nationwide broadcast on August 4, claimed that oil production had increased to 1.6 mbpd in July, attributing the rise to reforms announced in May aimed at addressing the gaps in the Petroleum Industry Act.
“Our once-declining oil and gas industry is experiencing a resurgence due to the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act,” the president said in August. “Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve.”
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On July 26, Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, also stated that daily oil production had reached 1.61 mbpd in July. Komolafe made this disclosure at a House of Representatives Special Committee’s two-day public/investigative hearing on oil theft and losses.
“As of July 23, 2024, Nigeria’s average daily production stands at 1.61 mbpd,” he revealed.
However, OPEC’s report indicated that July’s output was only 1.30 mbpd, based on information from the Nigerian government.
In May, Nigeria’s daily oil production dropped to 1.25 mbpd, despite claims by the Nigerian National Petroleum Company Limited that production was nearing 1.7 mbpd.
OPEC data showed that Nigeria lost 30,000 barrels per day, with production declining from 1.28 mbpd in April to 1.25 mbpd in May.
Earlier reports from The PUNCH indicated that Nigeria’s dwindling oil production slightly improved in April, rising from 1.23 mbpd in March to 1.28 mbpd, according to OPEC. The organization, whose data often aligns with that of the NUPRC, reported that Nigeria’s oil production added 50,000 barrels per day in April after recent declines.
The country’s crude production had previously fallen from 1.32 mbpd in February to 1.23 mbpd in March and from 1.427 mbpd in January to 1.322 mbpd, according to direct sources.
