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Nigeria’s crude oil production increased to 1.3m bpd in July – OPEC

Published

2 months ago

August 12, 2024

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The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production increased to 1.3 million barrels per day (bpd) in July.

OPEC said direct communication with Nigerian officials served as the basis for the production data in its monthly oil market report, released on Monday.

The oil cartel receives data on crude oil production from two sources: direct communication — which is from member countries — and secondary communication, such as energy intelligence platforms.

According to OPEC, the current output figure represents a 2.36 percent rise from the 1.27 million bpd recorded in June.

Consequently, the current production figure means that Nigeria retained its position as the biggest oil producer in Africa, surpassing Angola, which produced 909,000 bpd in July, according to the oil alliance.

OPEC said Congo was the third-largest oil producer in Africa in July, producing 257,000 barrels per day.

However, OPEC said secondary sources reported that Nigeria’s crude production increased by 0.74 percent to 1.38 million bpd — from 1.36 million bpd reported in June.

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“According to secondary sources, total OPEC-12 crude oil production averaged 26.75 mb/d in July 2024, 185 tb/d higher, m-o-m. Crude oil output increased mainly in Saudi Arabia, Iraq and IR Iran, while production in Libya decreased,” the oil cartel said.

“At the same time, total non-OPEC DoC crude oil production averaged 14.16 mb/d in July 2024, 68 tb/d lower, m-o-m. Crude oil output decreased mainly in Kazakhstan, Russia and South Sudan.”

On August 9, the NUPRC said it would amend the Domestic Crude Supply Obligations Regulations 2023.

On Monday, the commission also unveiled crude oil producers’ production forecast for the second half (H2) of 2024.

Related Topics:CRUDE OIL OUTPUT Nigeria OPEC

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Tinubu’s planned cabinet reshuffle won’t make any difference, says Buba Galadima

Published

1 hour ago

September 28, 2024

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Buba Galadima, a chieftain of the New Nigeria Peoples Party (NNPP), says President Bola Tinubu‘s planned cabinet reshuffle would not make any difference.

On September 25, Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu “has expressed his desire to reshuffle his cabinet and he will do it”.

Speaking on Politics Today, a programme on Channels TV on Friday, Galadima said reshuffling the cabinet would not curb food inflation.

Galadima claimed that the president intends to reward his cronies with the reshuffle.

“That (planned cabinet reshuffle) has nothing to do with me or any Nigerian. What is of importance to all of us is bringing down the harsh conditions of living and the buck stops only on the table of one man. That is President Bola Ahmed Tinubu,” Galadima said.

“No amount of reshuffling can make a difference. As far as that team is only ‘job for the boys,’ nothing will come out of it.

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“Anybody that calls himself president or governor is responsible for their cabinet’s performance. He should be told that some of his appointees are more interested in their pockets than service delivery.

“I expected him to do better than this; and to hit the ground running.”

The NNPP chieftain asked Tinubu to find a solution to the country’s foreign exchange crisis “which has seen the naira performing abysmally”.

There have been growing calls from Nigerians and members of the All Progressives Congress (APC) for Tinubu to reshuffle his cabinet and remove underperforming ministers.

Tinubu’s policies have driven petrol prices to record highs and depreciated the naira to record lows since he assumed the reins on May 29, 2023.

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Israel claims Hezbollah leader killed in Beirut strike

Published

2 hours ago

September 28, 2024

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The Israeli military announced early Saturday that Hezbollah chief Hassan Nasrallah was killed in a strike on Beirut.

“Hassan Nasrallah is dead,” military spokesman Lieutenant Colonel Nadav Shoshani announced on X. Military spokesman Captain David Avraham also confirmed to AFP that the Hezbollah chief had been “eliminated” following strikes Friday on the Lebanese capital.