NNPCL Group Managing Director (GMD), Mr. Mele Kyari

OPEC faults Kyari on Nigeria’s crude oil output figures

Advertisements
Advertisements

International crude oil cartel, the Organisation of Petroleum Exporting Countries (OPEC), Thursday, said that Nigeria’s oil output has increased to 1.18 million barrels per day in August 2023.

The figure is, however, in conflict with the data provided by the Nigerian National Petroleum Company Limited (NNPCL) which had disclosed, last week, that the country’s production level (including condensate) is currently at 1.67 million barrels per day (bpd).

Advertisements

OPEC, in its Monthly Oil Market Report (MOMR) indicated that despite the country’s 100,000 bpd output growth, based on direct communication, month-on-month, it still fell short of the 1.74 million bpd quota allocated to the country.

A further analysis of the report indicated that the country pumped an average of 1.144mbpd in the second quarter of 2023, which was lower than the 1.277mbpd output recorded in the preceding quarter.

Despite the marginal rise in August, Nigeria’s oil output has been nosediving lately.

“So if the volume of reduction is this frightening, then it is something that calls for urgent investigation. It portends an economic downturn that could be drastic if the situation continues. However, I believe that with all of these new oil discoveries in Nasarawa and Bauchi, and production commencing, there may be a positive change,” Gillis-Harry stated.

NNPCL Group Managing Director (GMD), Mr. Mele Kyari

However, last week, NNPCL Group Managing Director (GMD), Mr. Mele Kyari, had informed at a media briefing organised by the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, in Abuja, that the ‘actual data for crude oil and condensate production is at 1.67 million barrels per day.’

“May I also use this opportunity to say that I was just checking the data for Wednesday. The actual data for crude oil and condensate production is at 1.67 million barrels per day.

“This is substantial, if you look at the situation where we were almost going below a million barrels some months ago. This is quite substantial. And the connection of this to subsidy was that you cannot give what you do not have.”

Kyari said NNPC was at the point of default at the time President Bola Tinubu took over on May 29, 2023, adding further that the national oil company “was facing imminent illiquidity”.

“This is because we keep carrying the subsidy burden, the federation, that is all the sub-nationals and federal government, are unable to pay their bills for the subsidy,” Kyari said.

Advertisements

Leave a Reply

Your email address will not be published. Required fields are marked *