Nigeria’s Crude Oil Production Sees Slight Uptick in July
Nigeria’s crude oil production has experienced a modest increase in July, according to the latest monthly oil market report released by the Organisation of Petroleum Exporting Countries (OPEC). The report indicates that Nigeria’s daily crude oil production rose to 1.307 million barrels per day in July, a 30,000-barrel increase compared to the previous month’s figure of 1.276 million barrels per day in June 2024.
The data, based on direct communication with Nigerian authorities, shows that Nigeria’s crude oil production has maintained its position as Africa’s largest oil producer, with Libya following closely behind, producing 1.175 million barrels per day in July. This development comes as the Nigerian government, through the Nigerian National Petroleum Company Limited (NNPCL), targets a production capacity of 2 million barrels per day by the end of December 2024.
Interestingly, secondary sources suggest that Nigeria’s daily average crude oil production in June was 1.386 million barrels per day, indicating an increase of 16,000 barrels compared to May’s figure of 1.369 million barrels per day. However, the current production figure remains a far cry from the 1.5 million crude production quota set for Nigeria by OPEC.
The slight uptick in Nigeria’s crude oil production is a welcome development, particularly as the country continues to strive for increased oil production capacity. With the Nigerian government’s ambitious target of 2 million barrels per day by the end of the year, it will be interesting to see if the country can meet its production goals and further solidify its position as Africa’s largest oil producer.
