Nigeria’s crude oil production rises to 1.27 million barrels of oil per day in June —OPEC

Nigeria’s average daily crude oil production rose to 1.27 million barrels per day (mbpd) in June 2024, the latest data from the Organization of the Petroleum Exporting Countries (OPEC) showed.

According to the Monthly Oil Market Report (MOMR) released on Wednesday, July 10, 2024, the oil cartel said the production data was based on direct communication with Nigerian authorities.

This figure marks an increase from 1.25 million barrels per day in May, and lower than the 1.28 million barrels per day recorded in April 2024.

From secondary sources, oil production fell to 1.362 million barrels per day from 1.37 million barrels per day reported in May 2024.

With this production, Nigeria maintained its top position in Africa, surpassing Angola, which produced 906,000 barrels per day in June and Congo, which produced 259,000 barrels per day in June.

READ ALSO: Nigeria loses position as Africa’s biggest oil producer as output falls to 1.23 million barrels per day in March, OPEC says

Regarding price movements, in June, the OPEC Reference Basket (ORB) fell slightly by 37¢, or 0.4% per month, to an average of $83.22/barrel.

On global demand, the cartel pegged its 2024 global forecast at 2.2 mbpd, unchanged from last month’s assessment.

“Oil demand in the Organisation for Economic Co-operation and Development (OECD) in 2024 is expected to increase by around 0.2 million barrels of oil per day, while oil demand in non-OECD countries is expected to grow by around 2.1 million barrels of oil per day.

“In 2025, global oil demand is expected to grow strongly by 1.8 million barrels of oil per day, year-on-year, also unchanged from the previous month’s assessment. OECD oil demand is expected to grow by 0.1 million barrels of oil per day, year-on-year, while non-OECD demand is expected to increase by 1.7 million barrels of oil per day,” the report said.

By Babajide Okeowo

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