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The Nigerian Upstream Petroleum Regulatory Commission says Nigeria’s crude oil production hit 1.56 million barrels per day in June, marking the highest level recorded since April 2020 and exceeding the OPEC quota.
In a statement on Sunday, NUPRC said the crude oil volume represents a 2 percent rise from 1.53 million bpd produced in May, marking positive growth for the fourth consecutive month.
The commission noted that Nigeria “met 104% of the 1.5mbpd crude oil production quota set by OPEC.” The improved performance was largely driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period.
Crude oil and condensate production rose to an average of 1,735,398 bpd in June, with the peak combined production reaching 1.89mbpd, reflecting Nigeria’s potential to reach 2mbpd in the near term.
Key Points:
Higher oil output could boost government revenue and reduce fiscal pressure.
Stable production signals improved security and operational efficiency in the oil sector.
Exceeding OPEC quota strengthens Nigeria’s position within the organisation.
Sustained growth may attract investment and enhance investor confidence.
Timing of production milestone, amid global energy dynamics, bolsters economic outlook.
Sustaining production levels above 1.5mbpd and reaching the 2mbpd target will depend on continued operational stability and pipeline security.
Sources: NUPRC
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