Nigeria’s average daily crude oil production in June increased modestly to 1.276 million barrels.
This marks a mere 25 thousand barrels per day increase over the 1.251 million barrels per day recorded in May, according to OPEC’s monthly oil market primary data report for June 2024.
According to secondary sources, Nigeria’s daily average crude oil production in June was 1.362 million barrels per day, a decrease of 10,000 barrels from the previous month’s figure of 1.372 million barrels per day in May.
Despite the fall in production, according to secondary sources, Nigeria remains Africa’s greatest oil producer, closely followed by Libya, which produced 1.2 million bpd in June.
Russia surpassed the Kingdom of Saudi Arabia as the largest oil producer in the OPEC+ cartel, with an average daily production of 9.14 million bpd, while Saudi Arabia produced 8.93 million bpd.
Total crude oil output among OPEC+ members, generally known as the DoC, stood at 40.81 million barrels per day, a fall of 125 thousand barrels per day from the previous month.
Total crude oil production among OPEC members fell by 80 thousand barrels to 26.57 million barrels per day, down from 26.65 million barrels per day the previous month.
According to the report, the OPEC Reference Basket (ORB) decreased marginally by 37¢, or 0.4%, month-on-month to an average of $83.22 per barrel in the reviewed month.
The ICE Brent front-month contract was stable at $83.00 per barrel, while the NYMEX WTI front-month contract gained by 8¢, or 0.1%, month-on-month, to an average of $78.70 per barrel.
With an average crude oil production of 1.27 million barrels in June, Nigeria has regularly failed to reach its OPEC production quota of 1.5 million barrels per day and its budget objective of 1.78 million bpd in the first half of 2024.
The persistent failure to fulfill the stipulated production limit stymies the President Tinubu administration’s revenue mobilisation efforts. Heineken Lokpobiri, the Minister of Petroleum Resources, previously claimed that the country aimed to produce two million barrels per day beginning next year, but how this can be accomplished remains to be seen, as the prognosis appears dismal.
