Nigeria’s crude oil production increased to 1.307 million barrels per day in July 2024, according to the latest monthly oil market report from the Organization of Petroleum Exporting Countries (OPEC).
This represents an increase of 30,000 bpd over June’s output level of 1.276 million bpd.
The production figures are based on direct discussions with Nigerian authorities.
However, secondary sources say that Nigeria’s average daily production in June was 1.386 million bpd, a 16,000 bpd rise over May’s output of 1.369 million.
Despite the recent uptick, Nigeria’s production remains below the OPEC-set quota of 1.5 million bpd.
The country continues to be Africa’s greatest oil production, with Libya lagging at 1.175 million bpd in July.
The Nigerian government, through the Nigerian National Petroleum Company Limited (NNPCL), intends to achieve a production target of 2 million bpd by the end of December 2024.