Nigeria’s Crude Oil Skyrockets 1,269 million barrels per day

Nigeria’s crude oil production has reportedly increased to 1,269 million barrels per day in August from 1,171 million in July 2023. 

According to an OPEC survey based on secondary data sources.

• Increased crude oil production by Iran, Nigeria, and Iraq contributed to a rise in August production by the Organization of Petroleum Exporting Countries (OPEC).

• OPEC’s oil production, including 13 member countries, averaged 27.45 million barrels per day (mb/d) in August 2023, marking an increase of 113 thousand barrels per day (tb/d) compared to the previous month.

• The report highlighted that crude oil production in Saudi Arabia, Angola, and Venezuela decreased in the same month.

• In contrast, OPEC’s direct communication data showed Nigeria’s crude oil production at 1,181 million barrels per day in August, up from 1,081 million in July 2023.

• Nigeria’s August crude production exceeded its July production by 98,000 barrels, signifying ongoing recovery in the country’s crude sector, which has faced disruptions due to oil theft and pipeline vandalism.