Total crude oil production comes in at 40.12mn barrels in July 2023

Despite the significant increase in the oil rig count to 14 in Q1 2023 from 8 rigs in Q1 2022 based on the August 2023 monthly oil market report by the Organization of the Petroleum Exporting Countries and Allies (OPEC+), the total crude oil production (crude oil and condensates) was down 9.65% m/m to 40.12m from 44.40m in June 2023 and down 1.52% y/y to 40.74mn compared with July 2022.

Specifically for Nigeria, the nation’s total daily crude oil production averaged 1.29mbpd in July 2023, 185,916 barrels lower than the average oil production output of 1.48mbpd in June 2023 and 19,912 barrels lower than the 1.31mbpd reported in July 2022.

Due to the repair maintenance of the Forcado’s oil terminal, the oil terminal witnessed the highest reduction of 4.61m barrels in its total crude oil production to 3.29m barrels in July 2023 (-58.39% m/m) from 7.90m barrels in June 2023.