Nigeria’s crude oil production increased to 1.352 million barrels per day (mbpd) in August 2024, up from 1.307 mbpd in July, according to the September Monthly Oil Market Report released by the Organisation of the Petroleum Exporting Countries (OPEC).
The 45,000-barrel per day increase, based on direct communication with Nigeria’s government, contrasts with the Federal Government’s earlier claims of achieving 1.6 mbpd in July.
President Tinubu had attributed the reported rise to reforms announced in May 2024, intended to address gaps in the Petroleum Industry Act and revive the country’s oil and gas sector.
The discrepancy between the Federal Government’s statement and OPEC’s report raises questions about the actual state of Nigeria’s oil production.
President Tinubu, in an August 4 broadcast, and Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), had both asserted that daily production had hit 1.61 mbpd in July.
However, OPEC’s data shows Nigeria’s production was at 1.30 mbpd for July. Despite these inconsistencies, the government maintains its optimism about surpassing two million barrels per day in the near future.
Nigeria’s oil production has fluctuated in recent months. It dropped from 1.427 mbpd in January 2024 to 1.23 mbpd in March, before gradually improving to 1.28 mbpd in April.
While there have been marginal increases, the nation continues to grapple with the challenges of oil theft, losses, and production volatility.
Despite these setbacks, both the government and OPEC acknowledge some positive momentum, as Nigeria works to stabilize and increase its output.