Nigeria’s crude oil production increased from 1.307 million barrels per day (mbpd) in July to 1.352 mbpd in August, according to the Organisation of the Petroleum Exporting Countries (OPEC) in its September Monthly Oil Market Report.
This represents a marginal rise of 45,000 barrels per day. However, this OPEC figure contradicts earlier claims by the Nigerian government that production had reached 1.6 mbpd.
In his August 4 broadcast, President Bola Tinubu stated that Nigeria’s oil production had increased to 1.61 mbpd in July, attributing the rise to reforms in the oil sector, particularly related to the Petroleum Industry Act.
Similarly, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, reported to the House of Representatives on July 26 that the country’s daily oil production had hit 1.61 mbpd.
Despite these claims, OPEC’s data indicates a lower production figure for July at 1.30 mbpd, based on information provided by the Nigerian government.
This discrepancy between OPEC’s data and the government’s statements raises questions about the actual level of Nigeria’s crude oil production.
Nigeria’s crude oil production has fluctuated throughout 2024. In May, production fell to 1.25 mbpd, following a similar drop in April, when it decreased from 1.28 mbpd.
However, April’s output had shown a slight recovery from a previous low of 1.23 mbpd in March. The country’s production levels in 2024 remain below the government’s target of 1.7 mbpd, highlighting ongoing challenges in the oil and gas sector.