July 13, 2024

Nigeria’s crude oil output jumps to 1.28mbp/d In June – OPEC

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Adewale Akintaro

Nigeria’s average daily crude oil production jumped marginally to 1.276 million barrels per day (bpd) in June, the Organisation of Petroleum Exporting Countries (OPEC) has revealed.

This is according to data from direct communication with Nigerian authorities, which marks a rise of just 25,000 barrels per day from the 1.251 million barrels per day recorded in May.

Meanwhile, the secondary sources placed Nigeria’s daily average crude oil production in June at 1.362 million barrels per day, a decrease of 10 thousand barrels compared to May’s figure of 1.372 million bpd.
Despite the decline in production according to secondary sources, Nigeria maintained its status as Africa’s largest oil producer, followed closely by Libya, which produced 1.2 million bpd in June.

The average crude oil production of 1.27 million barrels per day in June indicates that for the first half of 2024, Nigeria has consistently fallen short of its OPEC production quota of 1.5 million barrels per day and its budget target of 1.78 million barrels per day.

The persistent failure to meet the set production quota hampers the revenue mobilisation efforts of President Tinubu’s administration.

Heineken Lokpobiri, the Minister of Petroleum Resources (oil), had earlier stated that the country aimed for two million barrels of daily production starting next year, but the feasibility of this goal remains uncertain as the outlook appears bleak.

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