OPEC says Nigeria’s crude output rose to 1.18m bpd in August, falls behind Libya

Nigeria increased its crude oil production in August to 1.18 million barrels per day (bpd), the Organization of the Petroleum Exporting Countries (OPEC) disclosed on Tuesday.

The West African country increased its production level by 100,000 barrels month-on-month, as Nigeria recorded 1.08 million barrels daily in July, according to Direct Communications.

This was disclosed in OPEC’s Monthly Oil Market Report for August.

OPEC said the production output in Nigeria was lower compared to the 1.92 million barrels recorded by Libya in August. The North African country increased its crude oil levels from 1.17 million barrels daily in July.

The figure showed Libya ended August as Africa’s largest crude oil producer, sitting above Nigeria and Angola, which produced 1.12 million barrels per day last month, below its 1.14 million barrels daily output in July.

Algeria took the fourth spot with 939,000 barrels per day output in the review month, decreasing from 955,000 barrels in July.

Congo completed the top five list with 272,000 barrels daily last month. The country also saw its production levels decline from July’s 282,000 barrels.

Note that according to secondary sources reported by OPEC, Nigeria produced more crude oil than Libya, after closing the review period with 1.26 million barrels per day, in contrast with the previous month’s 1.17 million barrels.

Libya also raised its production output in August to 1.15 million barrels daily, compared to the 1.12 million barrels recorded in July.

The secondary sources report stated that 1.11 million barrels were recorded in August by Angola, falling short of the 1.17 million barrels posted in the previous month.

Also, Algeria’s production output was put at 933,000 barrels per day last month, below the 959,000 barrels reported in July, while Congo recorded 255,000 barrels compared to the preceding month’s 270,000 barrels.

Meanwhile, OPEC said Nigeria, Iraq and Iran contributed to the 113,000 barrels increase recorded month-on-month by the 13 OPEC members in August.

“According to secondary sources, total OPEC-13 crude oil production averaged 27.45 mb/d in August 2023, higher by 113 tb/d m-o-m.

“Crude oil output increased mainly in IR Iran, Nigeria and Iraq, while production in Saudi Arabia, Angola and Venezuela decreased,” OPEC said.

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