The Organisation of Petroleum Exporting Countries (OPEC) reported that Nigeria’s average daily crude oil production increased to 1.3 million barrels per day (bpd) in July 2024. This figure reflects a 2.36% rise from the 1.27 million bpd recorded in June. OPEC’s data is based on direct communication with Nigerian officials, as noted in their monthly oil market report on Monday.
The reported increase in production comes amid ongoing challenges in Nigeria’s oil sector, including significant investment declines and pressures from international oil companies. Despite the rise, there remains a notable discrepancy between OPEC’s figures and those from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which reported a higher production figure of 1.61 million bpd for July. This difference highlights the complexities and challenges in accurately tracking Nigeria’s oil output amidst fluctuating market conditions and operational difficulties.