The latest figures from the Organisation of the Petroleum Exporting Countries (OPEC) indicate that Nigeria’s crude oil production has slightly increased to 1.307 million barrels per day (mbpd) in July 2024. This figure contrasts with statements made by President Bola Tinubu and the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, who claimed that the country’s oil production had reached 1.61 mbpd during the same period.
In OPEC’s August 2024 Monthly Oil Market Report, it was noted that Nigeria’s oil output rose from 1.27 mbpd in June to 1.30 mbpd in July, reflecting a modest increase of 30,000 barrels per day. However, President Tinubu, during his August 4th broadcast, asserted that production had increased by over 300,000 barrels per day, crediting reforms introduced in May 2024 to address issues within the Petroleum Industry Act.
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Komolafe also supported these claims, stating at a House of Representatives hearing on July 26, 2024, that Nigeria’s daily oil production had indeed reached 1.61 mbpd as of July 23. Despite these claims, OPEC’s data, based on direct communication with Nigeria, sets the figure lower, at 1.3 mbpd for July, with secondary sources indicating a slightly higher figure of 1.38 mbpd.
The Nigerian government remains focused on increasing production, with NNPC’s Group Chief Executive Officer, Mele Kyari, expressing confidence in achieving a target of over two million barrels per day by the end of the year.
Kyari emphasized the importance of continuing efforts to combat oil theft and pipeline vandalism to reach this goal, acknowledging the significant role of the Nigerian Navy in these efforts.
