Nigeria’s crude oil production in July increased to 1.307 million barrels per day, according to the Organisation of Petroleum Exporting Countries’ monthly oil market report.
According to the report, the country increased its production by 30,000 barrels per day compared to the previous month’s total of 1.276 million barrels per day in June 2024.
The data on Nigerian crude oil production presented above is based on primary sources.
According to secondary sources, Nigeria’s daily average crude oil production in June was 1.386 million barrels per day (bpd), up 16,000 barrels from May’s number of 1.369 million bpd.
Despite a decrease in production reported by secondary sources, Nigeria remains Africa’s highest oil producer, with Libya closely following at 1.175 million bpd in July.
According to OPEC data, average crude oil prices increased by 2.5% month-on-month in July to $83.3, underpinned by robust market fundamentals. However, increases were hampered by global macroeconomic uncertainty. Prices rose 5.4% year-on-year.
The average crude oil production of 1.30 million barrels per day in June demonstrates that, throughout the first half of 2024, Nigeria continually fell short of both its OPEC production quota of 1.5 million barrels per day and its budget objective of 1.78 million bpd.
This continuing gap undermines President Tinubu’s administration’s revenue-generating initiatives.
The Minister of Petroleum Resources, Heineken Lokpobiri had previously claimed that the country hopes to achieve a daily production of two million barrels next year, but seems unattainable, given current trends in production.
