Nigeria’s oil production has increased significantly, rising to 1.4 million barrels per day (bpd) in August 2024. According to the Organisation of Petroleum Exporting Countries (OPEC). This represents a 3.4% increase from the 1.3 million bpd recorded in July 2024.
The latest OPEC Monthly Oil Market Report, reveals that Nigeria’s oil output has consistently risen over the past few months, from 1.276 million bpd in June 2024 to 1.307 million bpd in July 2024, and now to 1.4 million bpd in August 2024.
On a year-on-year basis, the August output indicates a significant 16.7% rise against the 1.2 million bpd recorded in the corresponding period of 2023. This increase brings Nigeria closer to meeting its 1.7 million bpd 2024 budget target.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) also reported that the nation produced 227,000 bpd of condensate in August 2024, bringing the total output to over 1.6 million bpd.
OPEC’s report shows that Nigeria remains Africa’s highest oil producer, with Congo emerging as the least with 270,000 bpd. When data from secondary communication is considered, OPEC estimates Nigeria’s oil output to be slightly higher at 1.44 million bpd.
The increase in oil production is attributed to the intensified battle against oil theft in the Niger Delta, according to Mazi Colman, National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN).
However, despite the increase in oil production, revenue expectations may be tempered as the price of Nigeria’s Bonny Light crude oil hovered at $71 per barrel, 8.9% below the 2024 budget target of $77.96 per barrel.
The development is a positive sign for Nigeria’s oil industry, which has faced challenges in recent years due to oil theft and other issues. The increase in oil production is expected to contribute to the country’s economic growth and development.
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