14 September 2018, Sweetcrude, Lagos — Nigeria’s crude oil production has surpassed 1.7 million barrels per day, mb/d, statistics from the Organization of the Exporting Countries, OPEC’s direct and secondary sources have shown.
Data sourced from OPEC’s Monthly Oil Market Report, MOMR, for September showed that the country’s oil production for the month of August reached 1.725mb/d, according to secondary sources, and 1, 713mb/d, according to direct sources.
Going by secondary sources, total OPEC-15 crude oil production averaged 32.56 mb/d in August, an increase of 278,000b/d over the previous month.
Crude oil output increased mostly in Libya, Iraq, Nigeria and Saudi Arabia, while production declined in Iran, Venezuela, and Algeria.
Nigeria is a crude-oil-dependent economy with an initial 2.2 million barrels per day production.
However, challenges such as militancy, pipeline vandalism, force majeure, aging pipelines, low in-country refining and others have at one time or the other led to low production.
Crude oil production in Nigeria increased to 1.713mb/d in August from 1530mb/d in July.