The Organization of the Petroleum Exporting Countries (OPEC) says Nigeria’s oil production increased to 1.18 million barrels per day (bpd) in August 2023 — up from 1.08 million barrels in July.
In its monthly oil market report released on Tuesday, the oil cartel said Nigeria fell behind Libya on the list of Africa’s largest crude oil producers.
OPEC said the country’s output performance was based on direct communication covering the month of August 2023.
Although the 100,000 barrels increase pushed Nigeria up from its previous third place to the second position and was not enough to displace Libya, it, however, closed the gap between the West African country and the North African nation.
Data released by the organisation showed that Libya increased its crude oil level from 1.17 million bpd to 1.92 million bpd to retain the number one spot.
Others on the top five list are Angola, Algeria, and Congo — retaining the third, fourth, and fifth positions, respectively. The three countries reported a decline in their crude oil output in August, according to OPEC.
Angola produced 1.12 million bpd in the review month, recording a decrease in its output when compared with July’s production figure of 1.14 million bdp.
The oil cartel said Algeria’s output level fell to 939,000 bpd, in contrast with the previous month’s 955,000 barrels. Also, Congo recorded the same fate — closing August with 272,000 bdp against July’s 282,000 barrels.
OPEC secondary sources reported that the 13 OPEC members produced a combined 27.45 million bpd in the month under review, with Iran, Nigeria and Iraq contributing largely.
“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,” OPEC said.
“Crude oil output increased mainly in IR Iran, Nigeria and Iraq, while production in Saudi Arabia, Angola and Venezuela decreased.”
Meanwhile, contrary to the report by OPEC, Mele Kyari, the group chief executive officer (GCEO) of Nigerian National Petroleum Company (NNPC) Limited said Nigeria produced 1.67 million bpd in August, inclusive of condensate.
Nigeria’s oil output (including condensate) was 1.29 million bpd in July, while the figure stood at 1.48 million bpd in June.
Source: Top Stories
