Key facts
- Nigeria's crude oil production reached a six-year high in June, averaging 1.56 million barrels per day.
- Total crude oil and condensate production increased to 1.735 million barrels per day.
- The rise is attributed to stable operations and a crackdown on oil theft and sabotage.
- Nigeria exceeded its OPEC+ quota for crude oil production in June.
- The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported these figures.
- Authorities plan to increase output by 100,000 barrels per day in the short term.
Nigeria's crude oil production reached a six-year high in June, with an average of 1.56 million barrels per day, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This marks the highest output since April 2020, driven by stable operations and a reduction in sabotage incidents.
Total crude oil and condensate production increased for the fourth consecutive month to 1.735 million barrels per day. The NUPRC attributed this improved performance to stable production across most assets and the absence of major pipeline outages, enhancing operational stability and crude evacuation efficiency.
In June, Nigeria produced 104% of its OPEC+ quota of 1.5 million barrels per day. The peak combined crude oil and condensate production reached 1.89 million barrels per day, indicating Nigeria's potential to reach 2 million barrels per day in the near term. The country has shown sustained growth in output throughout the year, rising from 1.48 million bpd in February.
Following years of struggling to meet its quota due to oil theft and sabotage, Nigeria has intensified efforts to combat these issues in the Niger Delta. This crackdown has enabled increased crude production, with authorities now aiming to raise output by an additional 100,000 barrels per day in the immediate term to address global supply gaps. NNPC aims to reach 2 million bpd within the next two years.