Nigeria’s crude oil production rose from 1.307 million barrels per day in July to 1.352mbpd in August. According to OPEC’s September Monthly Oil Market Report, Nigeria’s crude oil production made a produce about an average of 1.352 million barrels per day in August, which is higher than the 1.307 million barrels per day produced in July.
OPEC reported 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.
However, this OPEC report contradicts the Federal Government’s claims that daily crude production was nearing 1.6mbpd. In a nationwide broadcast on August 4, President Bola Tinubu stated that oil production increased to 1.6mbpd in July, attributing this to the reforms announced in May to address the Petroleum Industry Act.
On July 26, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, also disclosed that daily oil production had hit 1.61 million barrels in July. However, OPEC’s report indicated that output for July was 1.30mbpd, based on information received from the Nigerian government.
The discrepancy between OPEC’s data and the government’s claims raises questions about the accuracy of Nigeria’s oil production figures. While the government has announced reforms and measures to boost production, the OPEC report suggests that the actual output remains below the stated targets.
“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,” the president said in August.
On July 26, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, disclosed that daily oil production had hit 1.61 million barrels in July. Komolafe made this revelation at the 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 1.61mbpd,” he disclosed.
However, OPEC’s report indicated that output for July was 1.30mbpd, based on information received from the Nigerian government.
In May, Nigeria’s daily oil production further dipped to 1.25 million barrels per day, despite claims by the Nigerian National Petroleum Company Limited that the country’s oil production was nearing 1.7mbpd.
OPEC data showed that Nigeria lost 30,000bpd, with crude production dropping from 1.28mbpd in April to 1.25mbpd in May.
Nigeria’s crude oil production declined in May, according to OPEC data. The country produced an average of 1.25 million barrels per day in May, down from 1.28 million barrels per day in April.
Earlier reports showed that Nigeria’s dwindling daily oil production improved slightly in April, rising marginally from 1.23 million barrels per day in March to 1.28 million barrels per day.
OPEC, whose data is always consistent with that of NUPRC, stated that Nigeria’s oil production increased by 50,000 barrels per day in April after a recent decline. The nation’s crude production fell from 1.32 million barrels per day in February to 1.23 million barrels per day in March.
According to direct sources, production dropped from 1.427 million barrels per day in January to 1.322 million barrels per day.
This article was written by Tamaraebiju Jide, a student at Elizade University
