West Africa: Nigeria's Crude Oil Production Increased to 1.3m Barrels in July - Opec

12 August 2024
Vanguard (Lagos)

Nigeria's crude oil production rose to 1.307 million barrels of crude oil daily in July 2024, according to the latest monthly oil market report from the Organisation of Petroleum Exporting Countries (OPEC)

This marks a rise of 30,000 bpd from June's production level of 1.276 million bpd.

The production figures are derived from direct communications with Nigerian authorities.

However, secondary sources report that Nigeria's average daily production for June was 1.386 million bpd, reflecting a 16,000 bpd increase from May's output of 1.369 million bpd.

Despite the recent increase, Nigeria remains below the OPEC-set production quota of 1.5 million bpd.

The country continues to hold the title of Africa's largest oil producer, with Libya trailing at 1.175 million bpd in July.

The Nigerian government, through the Nigerian National Petroleum Company Limited (NNPCL), aims to reach a production target of 2 million bpd by the end of December 2024.

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