Nigeria’s crude oil production rose to 1.307 million barrels per day in July.
The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its Monthly Oil Market Report (MOMR) released on Monday.
The cartel also revealed that Nigeria maintained it’s top position as Africa’s biggest oil producer.
According to the report, the country added 30 thousand barrels daily to its production when compared to the production figure for June which stood at 1.276 million barrels daily.
The data on Nigeria’s crude oil production was based on direct communication with Nigerian authorities.
According to secondary sources, Nigeria’s daily average crude oil production in June was 1.386 million barrels per day (bpd), marking an increase of 16,000 barrels compared to May’s figure of 1.369 million bpd.
Despite a decline in production reported by secondary sources, Nigeria maintained its position as Africa’s largest oil producer, with Libya following closely, producing 1.175 million bpd in July.
According to OPEC data, average crude oil prices rose by 2.5% month-on-month in July to $83.3, driven by strong market fundamentals.
However, gains were limited by global macroeconomic uncertainties.
Year-on-year prices increased by 5.4% during the period.
By: Babajide Okeowo
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