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Nigeria Commodities August 2023

Nigeria: Nigerian oil output and Brent prices rise in August

Brent prices averaged USD 85.2 per barrel in August, up 6.3% from July’s price and 12.8% lower year on year. Meanwhile, on 31 August, Brent traded at USD 86.9 per barrel, 1.5% higher month on month. Lower production in Russia and Saudi Arabia, coupled with the two countries’ announcements in August of further cuts in September, boosted prices.

Turning to production, Nigerian oil output rose to 1.27 million barrels per day (mbpd) in August from July’s 1.17 mbpd.

Our panelists see Nigeria’s oil production increasing slightly this year, partly thanks to historically low levels of output in 2022, when unplanned outages at hydrocarbon facilities and widespread oil theft dented production. That said, output will remain well below the 10-year average of 1.66 mbpd. Security in the Niger Delta area is a key factor to watch.

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