-Godwin Orozo
Nigeria’s crude oil production surged to 1.307 million barrels per day (bpd) in July, according to the Organisation of Petroleum Exporting Countries (OPEC) in its Monthly Oil Market Report (MOMR) released on Monday.
The report reveals that Nigeria retained its position as Africa’s largest oil producer. The July figure represents an increase of 30,000 barrels per day compared to June’s production of 1.276 million bpd.
OPEC noted that this data was sourced directly from Nigerian authorities. Secondary sources had previously reported Nigeria’s daily average production for June at 1.386 million bpd, up by 16,000 barrels from May’s 1.369 million bpd.
Despite discrepancies in the figures, Nigeria’s status as the continent’s top oil producer remains intact, with Libya in second place, producing 1.175 million bpd in July.OPEC also reported that average crude oil prices increased by 2.5% month-on-month in July to $83.30 per barrel, driven by robust market fundamentals.
However, this rise was moderated by global macroeconomic uncertainties. Year-on-year, prices climbed by 5.4% during the same period.
