The Nigerian crude oil production in the month of August seems t o generating discordant tunes. This based on the conflicting figures coming from Organization of the Petroleum Exporting Countries (OPEC) and one recently released from the Nigerian National Petroleum Limited NNPCL. OPEC has disclosed on its monthly oil market portal an uptick in the Nigeria’s oil production in August 2023 averaging 1.18 million barrels per day (bpd) when compared to 1.08 million barrels recorded in July.
But contrary to the above OPEC release, the Group Executive Officer of the Nigerian National Petroleum Corporation Limited NNPCL Mallam Mele Kyari was recently in an special event organized by Nation’s Finance Ministry declared that the Nigeria crude oil and condensate production in the month of August was averagely stable at 1.67 million barrels per day conflicting with 1.415 million barrels as recorded by OPEC in its August crude oil market report.
According to OPEC, the Nigerian August oil production figure is based on the nation’s regulatory body; the Nigerian Upstream Regulatory Commission NUPRC report. The NUPRC a regulatory body in charge of upstream sector has reported the nation’s crude oil production in the month of August stood at 1.18 million barrels and 1.415 million barrels stood for both crude oil and condensate.
However the current uptick in Nigeria crude oil production has invariably changed the OPEC countries crude oil production hierarchy moving Nigeria to the second position from its previously third position. The Nigeria is now coming behind Libya which is now the Africa’s largest crude oil producer. Nigeria’s 100,000 barrel increment in production seems to be the yardstick of difference between the country position and Libya’s production.
Further on OPEC report Algeria and Congo crude oil productions experienced decline in the same period under review. While Algeria oil dropped to 939,000 bpd from 955,000 barrels the previous month, Congo experienced a decline to a present value of 272,000 bpd instead of 282,000 bpd that recorded in July. Other countries that witnessed decrease in oil output include; Saudi Arabia, Angola, and Venezuela. While Saudi Arabia, Angola, and Venezuela crude oil output rallied
The total crude oil production in August of the 13 OPEC member countries stood at 27.45 million bpd.
