Nigeria Rises: Joins Saudi Arabia, UAE Among World’s Top Oil Producers – OPEC
- A recent survey has shown that Nigeria, Saudi Arabia and the United Arab Emirates are the world’s largest oil producers in August
- OPEC countries raised production by 400,000 barrels per day in August, hitting 28.5 million barrels daily
- Nigeria’s contribution to OPEC production is yet unknown, but the country has made significant progress in increasing its production
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Crude production by OPEC members increased by about 400,000 barrels daily in August to reach 28.55 million barrels per day.
Saudi Arabia led the upsurge, restoring barrels previously withheld under voluntary cuts.
Source: Getty Images
Nigeria’s crude output surges
Nigeria and the United Arab Emirates also posted significant increases, while Libya managed modest additions as security conditions improved.
According to a Bloomberg survey, the output boost comes just days before OPEC+ members converge for their scheduled September 7 meeting.
The report said that discussions could include an additional supply beyond the already scheduled cut by voluntary curbs.
The speculation pressured crude futures earlier in the week, with Brent declining as traders weighed reports of a potential increase.
Crude oil under pressure
Data showed that as of 4.01 pm on Wednesday, September 3, Brent crude was selling at $67.64 per barrel, down by 2.17%, while WTI dropped by 2.42% to $64.00 per barrel following the survey’s release.
Experts say the figures show market sensitivity to production shift, especially as inventories in the US and Europe remain above seasonal norms.
Internal dynamics are the main focus for the oil cartel, as Kazakhstan increased output by more than two per cent per month, stretching regional quotas.
OPEC may increase crude production
Iraq lifted exports despite disputes with Kurds, showing the challenges of compliance as higher prices encourage members to produce more.
With about 1.65 million barrels daily of voluntary production still subsisting, mostly from Saudi Arabia and Russia, OPEC retains a significant buffer.
The upcoming meeting on September 7 will revisit how quickly the barrels could return to market and whether reallocation across member countries is needed, experts said.
Nigeria is on track to surpass production levels
Although OPEC has yet to release actual figures of crude produced by Nigeria in August, industry watchers say that the country is on track to meet its self-imposed production target of 2.5 million barrels per day.
A prior report by Legit.ng disclosed that Nigeria’s crude production surpassed its OPEC quota in July, hitting 1.8 million barrels per day.
The country is already inching closer to its budgeted benchmark production.
Source: Getty Images
With the rise in crude production, driven by improved security in the Niger Delta region, Nigeria will not just regain its position globally, but raise its oil earnings.
Nigeria leads Africa's oil production
Legit.ng earlier reported that OPEC, monthly oil market report showed that Nigeria's crude oil output in July 2025 was 1.507 million barrels per day, exceeding its quota for the second consecutive month.
The data were based on direct talks with Nigerian authorities, which were disclosed recently.
With a slight rise in output from 1.505 million barrels per day in June, Africa's largest producer cemented its position as the continent's top oil producer, surpassing Algeria's 937,000 barrels per day during the same period.
Source: Legit.ng
