Nigeria’s crude oil production in June 2024 rose to an average of 1.276 million barrels per day (bpd), up by 25,000 barrels daily from May’s 1.251 million bpd. This figure comes from OPEC’s monthly oil market report for June. While OPEC’s report is the official figure, secondary sources claim the country’s crude oil production dropped to 1.362 million bpd from May’s 1.372 million bpd. Despite this, Nigeria remained Africa’s top oil producer, followed by Libya which produced 1.2 million bpd. Unfortunately, the West African country still failed to meet its OPEC quota of 1.5 million bpd and its budget target of 1.78 million bpd, continuing a worrying trend that lasted through the first half of the year. Given the country’s reliance on oil revenue, the inability to meet its oil production targets bode poorly for the country as it impedes revenue mobilization.
SOURCE: NAIRAMETRICS
Nigeria Produced 1.27 Million Barrels of Crude Oil Daily in June
