Nigeria retains top spot as crude oil production surges to 1.35m bpd in August

Nigeria’s average daily crude oil production increased to 1.35 million barrels per day (bpd) in August.

This is even as Nigeria retained its position as the biggest oil producer in Africa, surpassing Algeria, which produced 910,000 bpd, and Congo in third place which produced 270,000 barrels of oil per day in August according to the oil alliance.

This is according to the Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries (OPEC) released on Tuesday.

OPEC noted that the figure was obtained from direct communication with Nigerian officials.

The oil cartel receives data on crude oil production from two sources: direct communication — which is from member countries — and secondary communication, such as energy intelligence platforms.

READ ALSO:Nigeria’s crude oil production hits 1.3 million bpd

According to OPEC, the current output figure represents a 3.44 percent rise from the 1.30 million bpd recorded in July.

However, OPEC said secondary sources reported that Nigeria’s crude production increased by 4.10 percent to 1.44 million bpd in August — from 1.38 million bpd reported in July.

“According to secondary sources, total OPEC-12 crude oil production averaged 26.59 mb/d in August 2024, 197 tb/d lower, m-o-m. Crude oil output increased mainly in Nigeria, Congo, and Venezuela, while production in Libya, Iraq, and Saudi Arabia decreased,” OPEC said.

“At the same time, total non-OPEC DoC crude oil production averaged 14.07 mb/d in August 2024, 108 tb/d lower, m-o-m.

“Crude oil output increased mainly in Mexico and Bahrain, while production in Kazakhstan and Russia decreased.”

By: Babajide Okeowo

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