Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has shown that the country produced 1. 4 million barrels per day of crude oil.
According to the data, during the highlighted month, crude oil production was 1,181,133 barrels per day, blended condensates production was 49,306, and unblended condensates production was 184,225 barrels per day. All these amount to 1,414,664 barrels per day for August 2023.
It is important to note that in July 2023, the country produced 1,303,428 barrels per day of oil, which is a combination of crude oil and condensates.
Crude oil terminals context
According to the data provided for the month of August 2023, the crude oil terminals in the country largely recorded increases, and a few decreases.
Bonny produced 3.9 million barrels for the month of August which increased from 2.3 million barrels recorded in July 2023. Brass recorded 868,654 barrels, a decrease from 987,114 in July 2023.
Qua Iboe recorded 4.6 million barrels in August, an increase from the 4.1 million barrels recorded in the previous month. Forcados recorded 4.4 million compared to 3.2 from the previous month.
Meanwhile, Escravos recorded 4.7 million, a decrease from 4.8 million recorded in the previous month.
Platts Survey context
According to a recent Platts survey, Nigeria’s crude oil production for the month of August 2023, contributed to a boost in oil production from member countries of the Organization of Petroleum Exporting Countries (OPEC).
The survey noted that in the month of August, the survey findings indicated that crude oil production collectively increased by 120,000 barrels per day.
This expansion was predominantly attributed to substantial output boosts from Iran, Iraq, and Nigeria.
The surge managed to outweigh the additional cutbacks imposed by both Saudi Arabia and Russia.
What the NNPCL said prior to this time
On Friday, September 1, 2023, Mele Kyari, the Group Chief Executive Officer at the Nigerian National Petroleum Company Limited said that the country was now producing 1.67 million barrels of crude per day according to the data made available to him.
He credited the president’s policies as being responsible for the increase in crude production.
What Kyari said
- “I was just checking the data for Wednesday for crude oil and condensate production, it is at 1.67 million barrels per day, this is substantial if you look at the situation where we were almost going below a million barrels per day about a year and some months ago and this is quite substantial.
- “I also confirm that Mr. President has taken significant steps to de-bottleneck the industry in such a way that these resources can come into place. one of them is the tax reform.”