The Organisation of the Petroleum Exporting Countries (OPEC),has affirmed in its latest report that Nigeria’s crude oil production in July 2024 was 1.307 million barrels per day (mbpd), not the 1.6 mbpd claimed by Nigerian officials.
OPEC’s Monthly Oil Market Report for August 2024 indicates that Nigeria’s average daily crude oil production saw a slight increase, rising from 1.27 mbpd in June to 1.307 mbpd in July, an addition of approximately 30,000 barrels per day.
This figure contradicts statements made by President Bola Tinubu and the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, who both claimed that the country’s oil production had surged to 1.6 mbpd.
President Tinubu, during his August 4, 2024, nationwide address, asserted that oil production had increased by over 300,000 barrels per day, crediting this rise to the reforms he implemented in May aimed at addressing issues within the Petroleum Industry Act.
He also mentioned that two foreign direct investment deals worth over half a billion dollars had been signed as a result of these reforms.
Similarly, on July 26, 2024, NUPRC’s Komolafe had reported to a House of Representatives Special Committee that Nigeria’s daily oil production had reached 1.61 mbpd as of July 23, 2024, which was just two weeks after the commission reported that June’s average daily production was 1.27 mbpd.
However, OPEC’s report, which is based on direct communication with Nigeria, lists the country’s daily crude production at 1.3 mbpd for July.
According to secondary sources, OPEC also noted that Nigeria’s production in July was 1.38 mbpd, slightly up from 1.36 mbpd in June.
Earlier in May, Nigeria’s daily oil production had fallen to 1.25 mbpd, despite claims from the Nigerian National Petroleum Company Limited that production was approaching 1.7 mbpd. OPEC data showed that Nigeria’s production dropped by 30,000 barrels per day, decreasing from 1.28 mbpd in April to 1.25 mbpd in May.
