Nigeria’s average daily crude oil production saw a minor increase to 1.307 million barrels per day in July, as per the Organization of the Petroleum Exporting Countries (OPEC).
This figure contradicts the claims made by President Bola Tinubu and the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, who stated that the country’s oil production had risen to 1.6 million barrels per day.
OPEC’s Monthly Oil Market Report for August 2024 provided detailed insights, indicating that Nigeria boosted its oil output through an average daily addition of 30,000 barrels, leading to an increase from 1.27 million barrels per day in June to 1.30 million barrels per day in July.
President Bola Tinubu, during a nationwide broadcast, boasted of an increase of over 300,000 barrels per day in oil production last month, attributing this surge to the reforms announced in May aimed at addressing the Petroleum Industry Act.
However, OPEC highlighted that the reported 1.3 million barrels per day production in July was directly communicated by Nigeria and was not in line with the claims made by President Bola Tinubu and Gbenga Komolafe.
Moreover, the Nigerian National Petroleum Company Limited’s claim of nearing 1.7 million barrels per day in oil production did not align with OPEC’s data, revealing a 30,000 barrels per day decline as crude production decreased from 1.28 million barrels per day in April to 1.25 million barrels per day in May.
Additionally, OPEC stressed that Nigeria’s oil production witnessed a marginal increase, turning the corner from 1.23 million barrels per day in March to 1.28 million barrels per day in April, signifying a positive turn after a recent decline.
Mele Kyari, the Group Chief Executive Officer of NNPC, displayed confidence in achieving the goal of over two million barrels per day, emphasizing NNPC’s unwavering commitment to this target.
“They have been providing significant support, which has resulted in a reduction in oil theft. Pipeline vandalism has also decreased significantly, and there is a lot currently happening in the industry. We hope to sustain this progress to achieve our target of two million barrels per day by the end of the year.”
Source: Punch