Nigeria retains top spot as crude oil production surges to 1.35 million barrels per day in August

Nigeria’s average daily crude oil production rose to 1.35 million barrels per day (bpd) in August.

This comes despite Nigeria retaining its position as Africa’s largest oil producer, surpassing Algeria which produces 910,000 barrels of oil per day, and Congo in third place which produced 270,000 barrels of oil per day in August according to the oil alliance.

That’s according to the Organization of the Petroleum Exporting Countries (OPEC) Monthly Oil Market Report released on Tuesday.

OPEC noted that the figures were obtained from direct communications with Nigerian officials.

The oil cartel receives crude oil production data from two sources: direct communications — originating from member countries — and secondary communications, such as energy intelligence platforms.

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

According to OPEC, current production figures show a 3.44 percent increase from the 1.30 million barrels per day recorded in July.

However, OPEC said secondary sources reported that Nigeria’s crude oil production rose by 4.10 percent to 1.44 million barrels per day in August — from 1.38 million barrels per day reported in July.

“According to secondary sources, total OPEC-12 crude oil production averaged 26.59 million barrels per day in August 2024, down 197 million barrels per day, month-on-month. Crude oil production increased mainly in Nigeria, Congo and Venezuela, while production decreased in Libya, Iraq and Saudi Arabia,” 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, mom.

“Crude oil production increased especially in Mexico and Bahrain, while production in Kazakhstan and Russia decreased.”

By: Babajide Okeowo

Nigeria retains top spot as crude output surges to 1.35 million barrels per day in August first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.