Nigeria’s crude oil production saw a modest increase from 1.307 million barrels per day in July to 1.352 mbpd in August.
According to The PUNCH, this was revealed in the September Monthly Oil Market Report by the Organisation of the Petroleum Exporting Countries.
This report indicates a rise of 45,000 barrels per day based on direct communication with the Nigerian government.
This increase in production contradicts recent statements by the Federal Government, which claimed a much higher figure.
President Tinubu had announced in a nationwide broadcast on August 4 that oil production had surged to 1.6 mbpd in July. He attributed this growth to the reforms implemented in May aimed at addressing issues within the Petroleum Industry Act.
“Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act. Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve,” President Tinubu stated.
Similarly, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, reported to the House of Representatives Special Committee on July 26 that daily oil production had reached 1.61 mbpd in July.
He made this statement during a two-day public/investigative hearing on oil theft and losses.
“As of July 23, 2024, Nigeria’s average daily production stands at 1.61 mbpd,” Komolafe disclosed.
Contrarily, OPEC’s data for July suggests a production figure of 1.30 mbpd, which is inconsistent with the government’s claims.
This discrepancy highlights a significant gap between official statements and reported figures. In May, production had already declined to 1.25 mbpd, despite claims from the Nigerian National Petroleum Company Limited that production was nearing 1.7 mbpd.
OPEC’s report also noted a reduction in Nigeria’s crude output from 1.28 mbpd in April to 1.25 mbpd in May, marking a loss of 30,000 barrels per day. Prior to this dip, Nigeria had seen a slight recovery in April, with production increasing from 1.23 mbpd in March to 1.28 mbpd.
Earlier data shows a decline from 1.427 mbpd in January to 1.322 mbpd in February.
This trend underscores ongoing challenges in the Nigerian oil sector despite various claims of improvements.
