Nigeria’s crude oil production rose to 1.35 million barrels per day (mbpd) in August, according to the Organisation of the Petroleum Exporting Countries (OPEC) September Monthly Oil Market Report. This increase marks a slight rise from July’s production level of 1.31 mbpd, reflecting an additional 45,000 barrels per day.
This report presents a different picture from the Federal Government’s statements. President Bola Tinubu had announced in August that oil production had surged to 1.6 mbpd in July, attributing this rise to reforms in the Petroleum Industry Act. Similarly, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, had reported a July production level of 1.61 mbpd during a House of Representatives hearing.
However, OPEC’s data indicates that July’s production was 1.30 mbpd, and the earlier claims of 1.6 mbpd were not corroborated by the international organization. In May, Nigeria’s oil production had fallen to 1.25 mbpd, despite claims by the Nigerian National Petroleum Company Limited (NNPCL) of nearly 1.7 mbpd.
OPEC’s figures align with those from the NUPRC, showing that production levels have fluctuated throughout the year. The organization also reported a slight increase in April, from 1.23 mbpd in March to 1.28 mbpd.
