Key facts
- Nigeria's crude oil production hit a 15-month high of 1.53 million barrels per day in May.
- This output exceeded Nigeria's OPEC+ quota of 1.5 million bpd.
- Combined crude and condensate production reached 1.7 million bpd in May, an 11-month high.
- The increase is attributed to crackdowns on oil theft and sabotage.
- Nigeria aims to raise production by 100,000 bpd to address global supply gaps.
Nigeria's crude oil output reached a 15-month high in May, producing 1.53 million barrels per day (bpd). This figure surpasses the country's OPEC+ quota of 1.5 million bpd, marking a significant increase attributed to efforts to combat oil theft and sabotage in the Niger Delta.
Combined with 170,446 bpd of condensate output, Nigeria's total crude and condensate production hit an 11-month high of 1.7 million bpd in May. This sustained growth throughout 2024 reflects a recovery from previous years of underproduction caused by disruptions.
Authorities are aiming to increase output by an additional 100,000 bpd in the short term to help address global supply shortages. NNPC, the state-owned oil company, has stated its intention to raise production to 2 million bpd over the next two years.