Nigeria increased OPEC’s Oil Production in the previous month.

    In August, Nigeria played a significant role in increasing the overall oil output of the Organization of the Petroleum Exporting Countries (OPEC). This rise in production was primarily attributed to Nigeria’s boost in total oil production, driven by the resumption of operations at the Forcados terminal. Additionally, Iran also contributed to this surge, reaching its highest supply levels since 2018. Despite ongoing efforts by Saudi Arabia and other OPEC+ members to reduce production and stabilize the market, Nigeria emerged as the second-largest contributor to the increase in output.


    As a result of these developments, OPEC’s total oil production experienced a notable increase of 220,000 barrels per day (bpd) in August, marking the first such increase since February. The resurgence of Nigeria’s exports from the Forcados terminal following a shutdown was a significant factor in this rise.

    However, it’s important to note that OPEC’s overall production still fell short of the targeted amount by nearly 800,000 bpd. This shortfall can be attributed mainly to the limitations in production capacity experienced by both Nigeria and Angola, preventing them from reaching their agreed-upon production levels, as mentioned in the report.

    To provide some context, while the report did not specify the exact volume of oil produced by Nigeria in August, it highlighted that in July, Nigeria’s production reached only 1.08 million bpd, considerably lower than its OPEC-assigned quota of 1.742 million bpd.

    This situation has had adverse effects on Nigeria’s struggling economy, as indicated by the latest report from the National Bureau of Statistics (NBS). According to the report, in the second quarter of 2023, the oil sector contributed a mere 5.34 percent to the country’s real Gross Domestic Product (GDP).

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