OPEC Reports Rise in Nigerian Crude Production

Nigeria’s crude oil production increased by 3.4% in August, reaching 1.352 million barrels per day (bpd), according to OPEC’s latest report. This marks a rise of 45,000 barrels from July’s daily average of 1.307 million bpd. Secondary sources show even higher output at 1.448 million bpd, up by 57,000 barrels compared to the previous month. With the production increase, Nigeria retained its position as Africa’s largest oil producer, especially since its closest rival, Libya, faced production challenges due to major oil field shutdowns. Also in August, OPEC revised its global oil demand growth forecast for 2024 to 2.03 million bpd, down from 2.11 million bpd. Oil prices also declined, with the OPEC Reference Basket falling 7.1% to an average of $78.41 per barrel. Nevertheless, non-OPEC+ oil supply is expected to grow by 1.2 million bpd in 2024, driven by the US, Canada, and Brazil.

SOURCE: NAIRAMETRICS