The Organization of Petroleum Exporting Countries (OPEC), says Nigeria’s oil production increased to 1. 18 million barrel per day (bpd) in August 2023. That’s an increase from 1.08 million bpd in July 2023.
In its monthly oil market report released on Tuesday September 12, OPEC said Nigeria fell behind Libya on the list of Africa’s largest crude oil producers.
OPEC said Nigeria’s output performance was based on direct communication, covering the month of August 2023, reports The Cable.
The report showed that the 100,000 barrels increase pushed Nigeria up from its previous third to the second position behind Libya. The increase, however, closed the gap between Nigeria and Libya.
Data released by the OPEC also, showed that Libya increased its crude oil level from 1.17 million bpd to 1.92 million bpd. That leaves her at the first-place spot in Africa.
Countries that made the top five list are Angola, Algeria, and Congo. The retained the third, fourth, and fifth positions, respectively. However, the three countries reported a decline in their crude oil output in August, OPEC reported.
Angola produced 1.12 million bpd in the month under review. It recorded a decrease in its output when compared with July’s production figure of 1.14 million bpd.
For Angola, OPEC said the country’s output level fell to 939,000 bpd. That was in contrast with the previous month’s 955,000 barrels. Congo recorded the same fate August, closing with 272,000 bdp against July’s 282,000 barrels.
However, 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, the Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, said Nigeria produced 1. 67 million bpd in August. The figure, he said, is 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,” he said.
