By The oil output increased month-over-month, MoM, to 1.4 million barrels per day, bpd, excluding condensate, in August 2024 from 1.3 million bpd in July 2024, indicating an increase of 3.4%. These figures suggest that Nigeria is now very close to meeting its 1.7 million barrels per day, bpd, 2024 budget target.
This was revealed by the Organization of Petroleum Exporting Countries (OPEC) in its most recent September 2024 Monthly Oil Market Report (MOMR), which Vanguard was able to get. OPEC further stated that the information was derived from direct conversation.
This came at the same time that the Nigerian Upstream Petroleum Regulatory Commission, or NUPRC, said that the country had produced 227,000 barrels of condensate per day recently, meaning that the country would produce over 1.6 million barrels of oil overall.
The output for August shows a significant 16.7% YoY increase over the 1.2 million bpd produced in the similar period of 2023.
According to the analysis, Nigeria’s production increased steadily between June 2024 and July and August 2024, from 1. 276 million bpd to 1.307 million bpd and 1.4 million bpd, respectively.
Nigeria continues to be Africa’s top oil producer, according to OPEC, while Congo produced the least, at 270,000 barrels per day.
Nonetheless, OPEC insisted that Nigeria’s oil output during the time was somewhat higher at 1.44 million bpd when statistics from secondary channels were taken into account, increasing the total production from OPEC member countries.
“Secondary sources indicate that total OPEC-12 crude oil production averaged 26.59 mb/d in August 2024, 197 tb/d lower, month over month.” While production declined in Libya, Iraq, and Saudi Arabia, crude oil output rose mostly in Nigeria, the Congo, and Venezuela.
Simultaneously, the total crude oil production from non-OPEC DoC was 14.07 mb/d in August 2024, a 108 tb/d decrease month over month. Russia and Kazakhstan produced less crude oil than Mexico and Bahrain, which saw the largest increases in output.
Not much money should be anticipated right away, though, as the price of Nigeria’s Bonny Light was only $71 per barrel yesterday, 8.9% less than the $77.96 per barrel budget objective for 2024.
The national president of the Oil and Gas Service Providers Association of Nigeria, or OGSPAN, Mazi Colman, ascribed the development to a stepped-up campaign against oil theft in the Niger Delta during a phone conversation with Vanguard.
