Nigeria’s daily oil production increased by 25,000 barrels per day, rising from 1.251 million barrels per day in May to 1.276 million barrels per day in July, according to the Organisation of the Petroleum Exporting Countries (OPEC).
Despite this increase, production has not returned to the 1.28 million barrels per day level seen in April.
OPEC’s Monthly Oil Market Report, based on direct communication with the Nigerian government, highlighted fluctuations in Nigeria’s oil production, noting a drop from 1.37 million barrels per day in May to 1.36 million barrels per day in June according to secondary sources.
The report also noted significant declines in previous months, with production falling from 1.32 million barrels per day in February to 1.23 million barrels per day in March.
In response to these challenges, the Nigerian National Petroleum Corporation (NNPC) has declared a state of emergency on oil production.
NNPC’s Managing Director, Mele Kyari, emphasized the urgency of addressing production issues, stating at the Nigeria Oil and Gas Conference in Abuja that the government is committed to overcoming obstacles and increasing crude oil production and reserves.
Source: PUNCH