In its latest monthly oil market update, the Organization of the Petroleum Exporting Countries (OPEC) revealed that Nigeria’s oil production for August 2023 increased to 1.18 million barrels per day (bpd), marking a noticeable uptick from the July figure of 1.08 million barrels.
According to the report released on Tuesday, Nigeria rose to the second position on the list of Africa’s largest crude oil producers, falling behind Libya.
OPEC’s assessment was based on direct communication covering the entirety of August 2023.
Despite the addition of 100,000 barrels per day, Nigeria managed to climb from its previous third-place ranking to secure the second position.
However, Libya held onto the top spot by increasing its crude oil output from 1.17 million bpd to 1.92 million bpd.
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The top five crude oil producers in Africa, as per OPEC’s data, included Angola, Algeria, and Congo, maintaining their respective third, fourth, and fifth positions.
These three nations reported a decline in crude oil production in August.
Angola’s output decreased to 1.12 million bpd, compared to the July production figure of 1.14 million bpd. Algeria saw its production level fall to 939,000 bpd, down from 955,000 barrels in the previous month.
Similarly, Congo’s output dropped, closing August at 272,000 bpd, compared to July’s 282,000 barrels.
According to secondary sources cited by OPEC, the 13 OPEC member countries collectively produced a total of 27.45 million bpd in August 2023.
Notable contributions came from Iran, Nigeria, and Iraq, which recorded increases in crude oil output.
However, Saudi Arabia, Angola, and Venezuela reported decreases in production.
In contrast to OPEC’s report, Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, claimed that Nigeria’s oil production in August, including condensate, reached 1.67 million bpd.
This figure marked an increase from July’s 1.29 million bpd and June’s 1.48 million bpd, according to Kyari.
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