Nigeria Crude Output Slips to 1.5mbpd in August Amid OPEC Gains
Nigeria's crude oil output fell to 1.5 million barrels per day in August, marking the second consecutive monthly slide despite wider OPEC production gains and revenue targets.
The decline was confirmed by official production data submitted directly by Nigerian authorities to the Organisation of the Petroleum Exporting Countries (OPEC), according to its September Monthly Oil Market Report.
Compared to July, Nigeria's crude output fell by 5,000 barrels per day in August. However, secondary sources estimated that the country's crude output actually rose by 35,000 barrels per day in August to reach 1.573 million barrels per day.
The discrepancy between direct and secondary estimates is attributed to accounting differences regarding condensate recovery and domestic refining feedstocks.