Nigeria’s Oil Output Falls 4% in August, OPEC Confirms

Nigeria’s crude oil production declined to 1.43 million barrels per day in August, marking a 4.4% decrease from the 1.50 million bpd recorded in July, the Organization of the Petroleum Exporting Countries (OPEC) revealed in its latest monthly report on Thursday.

The report stated that the production figures were obtained through direct communication with Nigerian authorities. OPEC typically collects output data from member country reports and secondary sources, including energy intelligence platforms.

Despite the decline, Nigeria maintained its position as Africa’s largest oil producer, exceeding Libya, which produced 1.38 million bpd during the same period. However, the country’s production fell below its assigned OPEC quota of 1.5 million bpd, ending a two-month streak of meeting the target.

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OPEC also noted that secondary sources estimated Nigeria’s output at 1.54 million bpd in August, slightly down from 1.55 million bpd in July. Across the organization, total crude production averaged 42.40 million bpd, a month-on-month increase of 509,000 bpd.

Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)  reported that crude losses due to theft and metering issues fell to their lowest levels in 16 years. Daily crude losses were recorded at 9,600 bpd in July, close to the historic low of 8,500 bpd in 2009.