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, says Nigeria’s crude oil production has risen to 1.3 million barrel per day for the month of July.
The figure, OPEC said marked a significant rise of 30,000 bpd from June’s production level of 1.276 million bpd, noting that the figures are derived from direct communications with Nigerian government. -yr-old man narrates experience:00 / 1:07
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.
Meanwhile, analysts in the energy sector insist that this is a good news considering that it will increase the revenue acruebale to the federal government from the single source.
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.
