Nigeria’s crude oil production increased marginally in August, rising to 1.352 million barrels per day (mbpd) from 1.307mbpd in July, according to the Organisation of the Petroleum Exporting Countries (OPEC) September Monthly Oil Market Report. This increase represents an additional 45,000 barrels per day.
The report, citing direct communication with the Nigerian government, highlights the fluctuating trend in Nigeria’s crude production. In May, daily production dipped to 1.25mbpd, down from 1.28mbpd in April.
However, there was a slight recovery in April, with an output of 1.28mbpd, up from 1.23mbpd in March.
Despite these fluctuations, Nigeria’s production levels have generally been on a downward trend, with January’s production at 1.427mbpd, gradually declining to 1.322mbpd in February and 1.23mbpd in March.
