Nigeria’s oil output rises as OPEC struggles to meet targets

The Organisation of Petroleum Exporting Countries’ oil output fell in August to its lowest since January, a Reuters survey found has shown.

The survey released on Monday stated the unrest that disrupted Libyan supply added to the impact of ongoing voluntary supply cuts by other members and the wider OPEC+ alliance.

The survey disclosed that OPEC pumped 26.36 million barrels per day last month, down 340,000 bpd from July, saying this was the lowest total since January 2024.

A drop in Libyan exports and production amid a standoff between political factions over control of the central bank was said to have helped boost oil prices and, sources said, increased the prospect that OPEC+ will proceed with a planned output hike from October.

Libya had provided the largest supply loss of 290,000 bpd last month.

Output was disrupted at the Sharara field early in the month and at more fields towards the end, trimming output to an average of 900,000 bpd, according to the survey.

Other declines reportedly came from Iraq, which lowered exports in August and is seeking to boost compliance with its OPEC target.

Iran has been boosting exports in the last few years.

Nigeria is also among the countries posting higher output. There was a small increase in Nigeria which boosted exports.

“OPEC pumped about 220,000 bpd more than the implied target for the nine members covered by supply cut agreements, with Iraq still accounting for the bulk of the excess,” the survey found.