OPEC in its monthly oil market report for August stated that Nigeria’s crude oil production increased by 45,000 barrels from 1.307 million barrels in July, daily, to the current figure.
The figure is based on direct communication with Nigerian authorities on crude oil production for the month.
Secondary sources, however, showed that Nigeria’s average crude oil production in August stood at 1.448 million barrels per day- an increase of 57,000 daily when compared to 1.391 million daily posted in the previous month.
Nigeria maintained its position as Africa’s largest oil producer by a wider margin, as Libya, its closest competitor, faced production challenges due to the shutdown of major oil fields during the month.
OPEC also said in the report that it had revised its forecast for global oil demand growth in 2024 to 2.03 million barrels per day (bpd), down from the earlier projection of 2.11 million bpd.
It also lowered its 2025 global demand growth estimate to 1.74 million bpd from 1.78 million bpd.
In August, oil prices declined across the board, as reflected in the OPEC Reference Basket (ORB), which dropped by $6.02, or 7.1%, to an average of $78.41 per barrel. The ICE Brent front-month contract fell by $5.00, or 6.0%, to $78.88 per barrel.
