Nigeria’s crude oil output climbed by 3.44% month on month in August, reaching 1.352 million barrels per day (mbpd) from 1.307 million barrels per day in July 2024.
The Organization of Petroleum Exporting Countries (OPEC) reported in its monthly oil market report that average daily crude production increased by 45,000 barrels per day over the period.
According to information gained through direct touch with the Nigerian government, OPEC’s report revealed that output in July was 1.30mbpd.
The development follows recent declines in crude oil production. According to the research, Nigeria’s daily oil production fell even more in May, to 1.25 million barrels. OPEC data showed that Nigeria lost 30,000bpd, with crude production dropping from 1.28mbpd in April to 1.25mbpd in May.
Nigeria’s dwindling daily oil production improved in April, rising marginally from 1.23 million barrels per day in March to 1.28mbpd, according to OPEC.
The organization stated that Nigeria’s oil production added 50,000 barrels daily in April after it fell in recent times.
The nation’s crude production fell from 1.32 million barrels per day in February to 1.23 million barrels per day in March. Production dropped from 1.427 Mbpd in January to 1.322 Mbpd, according to direct sources.
