New Crisis Emerges as OPEC Reports Nigeria’s Oil Output Falls Short of Claimed 1.6million Barrels per Day
Nigeria’s oil industry has been plagued by misinformation and inconsistencies, and now, a new report is casting doubt on the claim that the country’s crude oil production has hit the 1.6million barrels per day mark.
According to the Organisation of the Petroleum Exporting Countries (OPEC) report, Nigeria’s oil output rose marginally by 45,000 barrels per day in August, not the 300,000 barrels per day as declared by the Federal Government earlier. This contradicts information provided by President Tinubu, who stated during an August 4 nationwide broadcast that oil production increased to 1.6 mbpd in July, owing to reforms announced in May to address the Petroleum Industry Act.
The Nigerian Federal Government’s claims, previously made by President Tinubu and the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, have been discredited by OPEC’s Monthly Oil Market Report, dated September. Komolafe had disclosed that Nigeria produced 1.61mbpd in July, prompting the President to tout significant progress in the sector, but OPEC reported August output at 1.352mbpd.
Just last month, OPEC reported that Nigeria lost a significant 30,000 barrels per day, dragging production from 1.28mbpd in April to 1.25mbpd in May despite claims by the Nigerian National Petroleum Company Limited that daily oil production was nearing the 1.7 mark. The country’s current production levels are well beneath the 1.423mbpd recorded in the first month of 2024.
This controversy will likely fuel concerns among nations reliant on Nigeria for imported oil, as inconsistencies mar the country’s official reported figures.
