Nigeria’s crude oil production rises by 3.4% to 1.35million bpd in August – OPEC 

Nigeria’s average daily crude oil production rose by 3.4% to 1.352 million barrels in August according to the latest data published by OPEC.

The Organisation of Petroleum Exporting Countries (OPEC) in its monthly oil market report for August reports that Nigeria’s crude oil production increased by 45 thousand barrels from 1.307 million barrels in July daily to the current figure.

The figure above is based on direct communication with Nigerian authorities on crude oil production for the month.

According to secondary sources, Nigeria’s average crude oil production in August stood at 1.448 million barrels per day- an increase of 57 thousand daily when compared to 1.391 million daily posted in the previous month.

Nigeria maintained its position as Africa’s largest oil producer by a wider margin, as Libya, its closest competitor, faced production challenges due to the shutdown of major oil fields during the month.

The report indicates that the oil cartel has revised its forecast for global oil demand growth in 2024 to 2.03 million barrels per day (bpd), down from the earlier projection of 2.11 million bpd.

Oil supply from non-OPEC+ countries is projected to grow by 1.2 mb/d in 2024, consistent with last month’s assessment.