Nigeria’s daily oil production has seen fluctuations recently, according to reports from the Organisation of the Petroleum Exporting Countries (OPEC) and other sources. In July, the country’s oil production increased by 25,000 barrels per day (bpd), rising from 1.251 million bpd in May to 1.276 million bpd in July.
Earlier reports indicated that Nigeria’s oil production had dropped to 1.25 million bpd in May from 1.28 million bpd in April, despite efforts by the government to increase production levels. According to secondary sources, including OPEC, production levels fluctuated slightly, from 1.37 million bpd in May to 1.36 million bpd in June.
Mele Kyari, the Group Chief Executive Officer of the Nigeria National Petroleum Company Limited, previously mentioned that Nigeria’s crude production was approaching 1.7 million bpd in May. He attributed past production declines to factors such as COVID-19 disruptions and operational challenges.
Despite these fluctuations, Nigeria’s oil sector continues to face challenges such as pipeline vandalism, theft, and operational disruptions. These issues have contributed to varying production levels over recent months.
The Nigerian government, through the NNPC, has declared a state of emergency on oil production, aiming to address these challenges and boost production and reserve growth. Kyari emphasized a proactive approach, declaring a commitment to addressing operational challenges and collaborating with partners to improve the situation.
Moving forward, Nigeria aims to stabilize and potentially increase oil production to enhance revenue generation and support economic development initiatives. The country’s efforts to mitigate operational challenges and stabilize production will be crucial in achieving these goals amidst global market dynamics and local operational constraints.
