Nigeria's oil production rises to 1.27m bpd in sign of recovery
.PNG)
TLDR
- Nigeria's oil production in June reported at 1.276 million barrels per day (mbpd) by OPEC.
- Conflicting reports on production levels: direct sources cited 1.276 mbpd, while secondary sources mentioned 1.36 mbpd.
- Nigeria's crude oil production fluctuated from 1.25 mbpd in May to varying figures in June, impacting market data.
Nigeria’s oil production for June was at 1.276 million barrels per day (mbpd), according to the Monthly Oil Market Report for June by the Organization of the Petroleum Exporting Countries (OPEC), quoting direct sources.
The country's oil production had fallen from 1.28 mbpd in April to 1.25 mbpd in May. However, secondary sources from OPEC present a different figure, stating that production dropped from 1.37 mbpd in May to 1.36 mbpd in June.
Mele Kyari, the Group Chief Executive Officer of the Nigeria National Petroleum Company Limited, previously noted that crude production was inching closer to 1.7 mbpd in May, according to local media reports.
Key Takeaways
The 1.27 million barrels per day (bpd) average crude oil production in June means that for the first half of 2024, Nigeria has consistently failed to meet its OPEC production quota of 1.5 million bpd and its budget target of 1.78 million bpd. This persistent shortfall hampers the revenue mobilization efforts of President Tinubu's administration. The oil sector continues to be plagued by issues such as insecurity and low investment, compounded by the exits of international oil companies (IOCs) and ongoing issues related to the approval of the transfer of oil assets.
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