Nigeria’s crude oil production in July rose to 1.307 million barrels of crude oil daily.
This is according to July’s monthly oil market report released by the Organisation of Petroleum Exporting Countries, OPEC.
The figure showed Nigeria added 30 thousand barrels daily production when compared to the production figure for last month which stood at 1.276 million barrels daily in June 2024.
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The data on Nigeria’s crude oil production is based on direct communication with Nigerian authorities.
Meanwhile, according to secondary sources, Nigeria’s daily average crude oil production in June was 1.386 million barrels per day which indicates an increase of 16,000 barrels compared to May’s figure of 1.369 million bpd.
Going by the report, Nigeria has maintained its position as Africa’s largest oil producer, with Libya following closely, producing 1.175 million bpd in July.
Meanwhile, the production figure is still a far cry from the 1.5 million crude production quota set for Nigeria by OPEC.
The development comes as the Nigerian government, through the Nigerian National Petroleum Company Limited, NNPCL, targets two bpd at the end of December 2024.
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