Nigeria’s crude oil output rose to 1.56 million barrels per day (bpd) in June which is a 2% increase from May’s 1.53 million bpd and marks the 4th straight month of growth. The increase was announced by Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and further noted that Excluding condensates, June’s crude-only figure is the highest since April 2020, a 74-month peak.
Month-by-month, production climbed from 1.31 million bpd in February to 1.38 million in March, 1.48 million in April, 1.53 million in May, and 1.56 million in June. When condensates (about 180,000 bpd in June) are included, average combined output reached 1,735,398 bpd for the month. NUPRC noted a month-on-month combined growth of 2.2% and reported a peak daily combined output of 1.89 million bpd during June, saying this shows Nigeria could approach 2 million bpd soon. The lowest daily level in the review period was 1.57 million bpd.
The commission credited the improvement to stable operations across producing assets, the lack of major pipeline outages, higher uptime, and more efficient crude evacuation. NUPRC also said Nigeria met 104% of OPEC’s 1.5 million bpd production quota for June.
