Nigeria has nearly met its 1.7 million barrels per day (bpd) 2024 budget target, as oil output rose to 1.4 million bpd in August 2024, excluding condensate, from 1.3 million bpd in July 2024.
This is a 3.4% increase, according to the Organisation of Petroleum Exporting Countries (OPEC). Nigeria’s output consistently rose from 1,276 million bpd in June 2024 to 1.307 million bpd and 1.4 million bpd in July and August 2024, respectively.
OPEC maintains that Nigeria’s oil output was slightly higher at 1.44 million bpd during the period, enhancing total production from OPEC-member nations. However, the price of Nigeria’s Bonny Light hovered at $71 per barrel, 8.9% below the 2024 budget target of $77.96 per barrel.
