The report contradicts the Federal Government’s claim of daily crude production nearing 1.6 Mbps, which President Tinubu claimed in July due to Petroleum Industry Act reforms.
The changes I announced in May 2024 to close the gaps in the Petroleum Industry Act have given our once-collapsing oil and gas industry a boost.
In August, the president declared, “We increased our oil production to 1.61 million barrels per day last month, and our gas assets are receiving the attention they deserve.”
The Nigerian Upstream Petroleum Regulatory Commission’s Chief Executive, Gbenga Komolafe, revealed on July 26 that the country’s daily oil production had reached 1.61 million barrels in July. During the two-day public/investigative hearing on oil theft and losses organized by the House of Representatives Special Committee, Komolafe disclosed this information.
Nigeria’s average daily oil production is 1.61 mbpd as of July 2024, despite OPEC’s report of 1.30 mbpd. In May, daily oil production dropped to 1.25 million barrels per day, despite claims of nearing 1.7 mbpd. OPEC data showed Nigeria lost 30,000bpd, with crude production dropping from 1.28 mbpd in April to 1.25 mbpd in May.
