According to the Organisation of Petroleum Exporting Countries (OPEC) June 2024 monthly oil market report, Nigeria’s daily crude oil production averaged 1.276 million barrels in June.
This figure represents an increase of 25,000 barrels daily from 1.251 million barrels per day (BPD) recorded in the previous month.
Nigeria has, since the beginning of the year, failed to meet its OPEC production quota of 1.5 million bpd and its budget target of 1.78 million bpd, a situation that threatens the revenue projection of the President Bola Tinubu administration.
Nigeria’s daily average crude oil production, according to secondary sources, stood at 1.362 million bpd in June, a decline of 10,000 barrels when compared to the figure for May, which was 1.372 million bpd.
Nigeria, however, retained its position as the largest oil producer in Africa, closely trailed by Libya, which produced 1.2 million bpd in June.
Russia overtook the Kingdom of Saudi Arabia as the largest oil producer among the OPEC+ cartel, with an average daily production of 9.14 million bpd, while Saudi Arabia produced 8.93 million bpd.
Total crude oil production among members of the OPEC+, also called the DoC, stood at 40.81 million barrels daily, a decline of 125,000 barrels daily production compared to the previous month.
OPEC members’ total crude oil production fell by 80,000 barrels, reaching 26.57 million barrels per day, down from the previous month’s 26.65 million bpd.
