(SINL NIGERIA) Nigeria’s crude oil production increased by 3.44% month on month to 1.352 million barrels per day (mbpd) in Augusts from 1.307 million barrels per day in July 2024.

Marketforces Africa reported that the Organisation of the Petroleum Exporting Countries (OPEC) said in in its monthly oil market report that the average daily crude production rose marginally by 45,000 barrels per day in the period.

Quoting information obtained through direct communication with the Nigerian government, OPEC’s report indicated that output for July was 1.30mbpd.

The development comes on the heels of dwindling crude oil production in recent times. According to the report, in May, Nigeria’s daily oil production further dipped to 1.25 million barrels per day.

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 organization 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. Production dropped from 1.427mbpd in January to 1.322mbpd, according to direct sources.

Credit: Marketforces Africa