Nigeria’s crude oil production saw a modest increase in August, rising from 1.307 million barrels per day (mbpd) in July to 1.352 mbpd, according to the latest report from the Organisation of the Petroleum Exporting Countries.
The increase of 45,000 barrels per day was revealed in OPEC’s September Monthly Oil Market Report, based on direct communication with the Nigerian government.
This reported increase contrasts sharply with recent statements from the Federal Government. President Bola Ahmed Tinubu had announced on August 4 that oil production had surged to 1.6 mbpd in July, attributing this growth to reforms initiated in May to address challenges within the Petroleum Industry Act.
“Our oil and gas industry, once in decline, is now experiencing a resurgence thanks to the reforms I announced in May 2024. Last month, we achieved an oil production level of 1.61 million barrels per day, and our gas assets are also being properly attended to,” President Tinubu stated during a nationwide broadcast.
Similarly, Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, reported to the House of Representatives Special Committee on July 26 that daily production had reached 1.61 mbpd in July. This statement was made during a public hearing on oil theft and losses.
“As of July 23, 2024, Nigeria’s average daily production stands at 1.61 mbpd,” Komolafe disclosed.
However, OPEC’s data presents a different picture. The organization’s figures for July indicate a production level of 1.30 mbpd, which diverges from the government’s claims. This discrepancy highlights a significant gap between official statements and reported figures. In May, production had already decreased to 1.25 mbpd, contrary to claims from the Nigerian National Petroleum Company Limited that production was approaching 1.7 mbpd.
OPEC’s report also noted a reduction in Nigeria’s crude output from 1.28 mbpd in April to 1.25 mbpd in May, reflecting a loss of 30,000 barrels per day. This decline followed a slight recovery in April, when production increased from 1.23 mbpd in March to 1.28 mbpd. Earlier data also shows a decrease from 1.427 mbpd in January to 1.322 mbpd in February.
