Nigeria’s crude oil production reaches 1.3 million barrels per day

Nigeria’s crude oil production rose to 1.307 million barrels per day in July.

The Organization of the Petroleum Exporting Countries (OPEC) revealed this in its Monthly Oil Market Report (MOMR) released on Monday.

The cartel also revealed that Nigeria maintained its top position as Africa’s largest oil producer.

According to the report, the country added 30,000 barrels per day to its production compared to June’s production figure of 1.276 million barrels per day.

Nigeria’s crude oil production data is based on direct communications with Nigerian authorities.

According to secondary sources, Nigeria’s average daily crude oil production in June was 1.386 million barrels per day (bpd), marking an increase of 16,000 barrels compared to May’s figure of 1.369 million bpd.

Despite the production decline reported by secondary sources, Nigeria maintained its position as Africa’s largest oil producer, followed by Libya which produced 1.175 million barrels per day in July.

According to OPEC data, average crude oil prices rose 2.5% month-on-month in July to $83.3, driven by strong market fundamentals.

However, gains were limited by global macroeconomic uncertainty.

Year-on-year prices increased by 5.4% during the period.

By: Babajide Okeowo

Nigeria crude oil production hits 1.3 million barrels per day first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.