Victor Ezeja
Nigeria’s average daily crude oil production increased to 1.307 million barrels per day (mbpd) in July.
This was revealed in the Organisation of the Petroleum Exporting Countries (OPEC) monthly Oil Market Report for August 2024 released on Monday.
Join our WhatsApp ChannelAccording to OPEC’s report, Nigeria’s average daily production increased by 30 barrels per day from 1.27 mbpd in June to 1.30 mbpd in July.
The OPEC’s report is contrary to claims by the Chief Executive of Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, that the country’s production output has risen to 1.6mpd.
Komolafe had on 26th July said Nigeria’s crude oil production rose to 1.6 mbpd. “As of July 23, 2024, Nigeria’s average daily production stands at 1.61mbpd,” the NUPRC chief executive had stated.
However, OPEC in its latest report said the data of 1.3 million barrels per day for July for Nigeria was obtained through direct communication with Nigerian authorities.
READ ALSO: Nigeria’s Oil Production Drops To 1.2mbpd Despite Government Claims- OPEC
Nigeria’s average crude oil production saw a marginal growth to 1.28 mbpd in June 2024, compared to 1.25 mbpd in May 2024.
The country’s oil production had been dwindling until April when it rose marginally to 1.28 mbpd.
The crude production had fallen to 1.23 mbpd in March from 1.32 mbpd in February.
In all, the data shows that Nigeria has remained below the OPEC quota of 1.50 mbpd (excluding condensates), and also the below the 1.78 mbpd target in the 2024 national budget.
Nigeria’s oil production output has continued to stagnate over the years due to theft, pipeline vandalism, insecurity in oil-producing communities and disruption of operations.
This is as international oil companies continue to divest from onshore oil assets.
The 650,000bpd Dangote Refinery that came on stream early this year has not been able to get the required quantity of crude oil supply domestically for local refining, leading to a face-off between the company and regulatory authorities in the oil and gas sector.
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