OPEC report reveals Nigeria’s latest oil production figures

On Monday, the Organisation of the Petroleum Exporting Countries (OPEC) reported that Nigeria’s average daily crude oil production rose slightly to 1.307 million barrels per day (mbpd) in July.

This figure contrasts with recent statements from President Bola Tinubu and Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), who had claimed the country’s production reached 1.6 mbpd.

According to OPEC’s Monthly Oil Market Report for August 2024, Nigeria’s oil output increased by 30,000 barrels per day from 1.27 mbpd in June to 1.30 mbpd in July. This is a notable difference from the 1.61 mbpd production figures reported by Tinubu in his August 4 nationwide broadcast. Tinubu had attributed this increase to reforms aimed at addressing issues in the Petroleum Industry Act.

“Last month, we increased our oil production to 1.61 million barrels per day,” Tinubu stated, highlighting the resurgence in the oil and gas industry due to the reforms announced in May 2024. He also mentioned significant foreign investments, totaling over half a billion dollars.

Similarly, on July 26, 2024, Komolafe reported a daily production rate of 1.61 mbpd, a figure disclosed during a House of Representatives Special Committee hearing on oil theft and losses. This statement came shortly after NUPRC had indicated that the average daily production for June was 1.27 mbpd.

In contrast, OPEC’s report, based on direct communication with its member countries, pegged Nigeria’s daily production at 1.30 mbpd for July. Secondary sources cited by OPEC estimate Nigeria’s daily production at 1.38 mbpd for the same period, up from 1.36 mbpd in June.

In May 2024, Nigeria’s oil production had dipped to 1.25 mbpd, despite claims from the Nigerian National Petroleum Company Limited (NNPC) that production was approaching 1.7 mbpd. OPEC data showed a production decrease from 1.28 mbpd in April to 1.25 mbpd in May. However, production showed a slight improvement in April, rising from 1.23 mbpd in March to 1.28 mbpd.

The Federal Government remains optimistic about achieving a daily production target of over two million barrels by the end of the year. NNPC’s Group Chief Executive Officer, Mele Kyari, expressed confidence in reaching this goal during a recent meeting with Maritime Stakeholders. Kyari, represented by NNPC Pipeline Managing Director Folorunsho Karim, emphasized the importance of continued efforts against oil theft and pipeline vandalism.

“We are fully committed to reaching the two million barrels per day target by year-end,” Kyari stated. “The support from the Nigerian Navy and security agencies has been crucial in reducing oil theft and pipeline vandalism. We are hopeful to sustain this progress and meet our production goals.”