Adedapo Adesanya
By Adedapo Adesanya
Nigeria’s crude production came to 1.269 million barrels per day in August, according to the latest figure from the Organisation of the Petroleum Exporting Countries (OPEC).
In the group’s latest Monthly Oil Market Report (MOMR) published on Tuesday, Nigeria, which is Africa’s largest crude producer, had its production growing by 98,000 barrels per day or 8 per cent compared with July’s production figure of 1.17 million barrels per day.
Regardless of the gain in the month, attributed to oil theft curbs and the resumption of crude lifting at the Forcados terminal, the country has still not been able to top its June production at 1.320 million barrels per day.
The latest figures from OPEC contradict the 60,000 barrels per day growth to 1.38 million barrels per day in August published by Platts survey by S&P Global Commodity Insights last week.
Over the years, crude theft and pipeline vandalism and its negative impact on the country’s economy have been a source of concern to the Nigerian government. It has also affected the contribution of the commodity to the country’s gross domestic product (GDP), which is currently at 5.23 per cent.
In the month under review, Nigeria joined Iran to lead the gains recorded by members, as there was a gain of an average of 113,000 barrels per day for OPEC’s August output.
Despite US sanctions, Iran’s oil production rose to 3 million barrels per day.
Meanwhile, Saudi Arabia’s production declined, as expected, by 88,000 barrels per day to 8.967 million barrels per day. Production declines were also seen in Algeria, Angola, Congo, and Venezuela.
Angola’s production fell by 60,000 barrels per day to 1.115 million barrels per day, while Algeria’s fell by 26,000 barrels per day to 933,000 barrels per day.
By percentages, the largest production decline was seen by Congo at 6 per cent, which saw its production fall from 270,000 barrels per day to 255,000 barrels per day.
The largest percentage production hike came from Gabon at 11 per cent, going from 204,000 barrels per day in July to 215,000 barrels per day in August.
While OPEC’s crude oil production dipped in August, its share of the total global production increased in August by 0.1 per cent, standing at 27.2 per cent.
