Business

Nigeria Boosts OPEC Oil Output in August, Emerges Second In List

Nigeria emerged the second in the list of countries that increased output.

Published

2 years ago

September 1, 2023

VerseNews

President Bola Ahmed Tinubu

The total oil output by the Organisation of Petroleum Exporting countries (OPEC) rose in August, as Nigeria boosted its total production on the back of the return of Forcados, while Iranian supply rose to its highest since 2018.

VerseNews reports that despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market, Nigeria emerged the second in the list of countries that increased output.

Cartel’s total volume rises up 220,000 bpd. That would be the first rise since February, “The second-largest increase in OPEC output this month came from Nigeria, where exports resumed from the Forcados terminal after a shutdown, the survey found.

“OPEC’s output is still undershooting the targeted amount by almost 800,000 bpd mainly because Nigeria and Angola lack the capacity to pump as much as their agreed level,” according to the report.

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For context, although the report did not state the actual volume produced by Nigeria in August, the country in July managed to drill only 1.08 million bpd as against the 1.742 million bpd quota allocated to it by OPEC.

The situation had recently worsened Nigeria’s struggling economy with the National Bureau of Statistics (NBS) showing in its latest report that the oil sector contributed a paltry 5.34 per cent to real Gross Domestic Product GDP (GDP) in Q2, 2023.