OPEC Posted Marginal Surge in Nigerian Crude Oil Production

SEATTLE (Oil Monster):  The latest report published by the Organisation of the Petroleum Exporting Countries (OPEC) suggests that average daily crude oil production by Nigeria witnessed marginal surge to touch 1.307 million barrels in the month of July this year. The reported figures are based on direct communication.

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This is in contrast with the claims made by the country’s President and the regulatory authority, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) that the country’s average production had reached 1.6 million barrels per day (mbpd). According to the OPEC’s Monthly Oil Market Report for August 2024, the Nigerian oil output witnessed a rise by 30 barrels per day, when compared with the previous month.

Earlier, in a nationwide broadcast, the country’s President had claimed that the reforms announced in May this year to address the gaps in the Petroleum Industry Act have resulted in the resurgence of the Nigerian oil and gas industry.

During a recently held meeting, Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), had said that the country was on course to achieve production in excess of two million barrels per day soon. NNPCL urged the security agencies to continue their efforts against oil theft and pipeline vandalism.