OPEC
By Tony Folarin
Nigeria’s crude oil production moved from 1.307 million barrels per day in July to 1.352mbpd in August, going by Monthly Oil Market Report of the Organisation of the Petroleum Exporting Countries in its September edition.
OPEC stated that the average daily crude production jumped marginally by 45,000 barrels per day, based on information obtained through direct communication with the Nigerian government.
This report goes against the Federal Government’s claims that daily crude production was nearing 1.6mbpd.
NATIONAL WAVES could recall that President Tinubu, in his August 4 nationwide broadcast, had averred that oil production increased to 1.6mbpd in July. He attributed this to the reforms announced in May to address the Petroleum Industry Act.
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“Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act.
“Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve,” the president said in August.
On July 26, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, disclosed that daily oil production had hit 1.61 million barrels in July.
Komolafe made this revelation at the House of Representatives Special Committee’s two-day public/investigative hearing on oil theft and losses.
“As of July 23, 2024, Nigeria’s average daily production stands at 1.61mbpd,” he disclosed.
However, OPEC’s report indicated that output for July was 1.30mbpd, based on information received from the Nigerian government.
In May, Nigeria’s daily oil production further dipped to 1.25 million barrels per day, despite claims by the Nigerian National Petroleum Company Limited that the country’s oil production was nearing 1.7mbpd.
OPEC data showed that Nigeria lost 30,000bpd, with crude production dropping from 1.28mbpd in April to 1.25mbpd in May.
Nigeria’s dwindling daily oil production improved in April, rising marginally from 1.23 million barrels per day in March to 1.28mbpd, according to OPEC.
The organisation, whose data always tally with that of NUPRC, stated that Nigeria’s oil production added 50,000 barrels daily in April after it fell in recent times.
The nation’s crude production fell from 1.32 million barrels per day in February to 1.23 million barrels per day in March.
