The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production increased to 1.35 million barrels per day (bpd) in August.
In its monthly oil market report released on Tuesday, OPEC said 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.
According to OPEC, the current output figure represents a 3.44 percent rise from the 1.30 million bpd recorded in July.
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Consequently, the current production figure means that Nigeria retained its position as the biggest oil producer in Africa, surpassing Algeria, which produced 910,000 bpd in August, according to the oil alliance.
OPEC said Congo produced 270,000 barrels of oil per day in August, making the country the third-largest oil producer in Africa.
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.
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“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.”
On July 29, the federal executive council (FEC) approved a proposal by President Bola Tinubu directing the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to the Dangote Petroleum Refinery and other refineries in naira.
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The sale of crude oil in naira will commence on October 1.
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