BY Bunmi Aduloju
The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production increased to 1.3 million barrels per day (bpd) in July.
OPEC said direct communication with Nigerian officials served as the basis for the production data in its monthly oil market report, released on Monday.
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 2.36 percent rise from the 1.27 million bpd recorded in June.
Consequently, the current production figure means that Nigeria retained its position as the biggest oil producer in Africa, surpassing Angola, which produced 909,000 bpd in July, according to the oil alliance.
OPEC said Congo was the third-largest oil producer in Africa in July, producing 257,000 barrels per day.
However, OPEC said secondary sources reported that Nigeria’s crude production increased by 0.74 percent to 1.38 million bpd — from 1.36 million bpd reported in June.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.75 mb/d in July 2024, 185 tb/d higher, m-o-m. Crude oil output increased mainly in Saudi Arabia, Iraq and IR Iran, while production in Libya decreased,” the oil cartel said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.16 mb/d in July 2024, 68 tb/d lower, m-o-m. Crude oil output decreased mainly in Kazakhstan, Russia and South Sudan.”
On August 9, the NUPRC said it would amend the Domestic Crude Supply Obligations Regulations 2023.
On Monday, the commission also unveiled crude oil producers’ production forecast for the second half (H2) of 2024.
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