The Organization of Petroleum Exporting Countries (OPEC) reported on Wednesday that Nigeria’s average daily crude oil production increased to 1.27 million barrels per day (bpd) in June 2024.
The production figure, derived through direct communication with Nigerian authorities, marks a 1.57% growth compared to the 1.25 million bpd recorded in May. OPEC gathers production data from two sources: direct communication with member countries and secondary sources like energy intelligence platforms.
With this production level, Nigeria maintained its position as Africa’s leading oil producer, surpassing Angola, which produced 906,000 bpd during the same period. Congo ranked third, producing 259,000 bpd in June.
However, data from secondary sources indicated a slight decline of 0.74% in Nigeria’s crude oil production, reporting 1.36 million bpd in June compared to 1.37 million bpd in April.
OPEC’s report noted that the overall crude oil output for its 12 member countries averaged 26.57 million bpd in June, reflecting an 80,000 bpd month-on-month decline. Libya, Venezuela, and Iran saw increases in production, while Saudi Arabia, Iraq, and the UAE experienced declines.
Non-OPEC countries also reported a 45,000 bpd decrease in crude oil output in June, averaging 14.24 million bpd. Production rose in Kazakhstan and Azerbaijan but dropped in Russia.
Meanwhile, Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, declared a state of emergency on Nigeria’s crude oil production on July 2.
“We have stopped debating. We have declared war on the challenges affecting our crude oil production,” Kyari stated.
He further explained that detailed asset analyses revealed Nigeria’s potential to produce two million bpd without deploying new rigs. However, delays in decision-making by industry stakeholders remain a significant hurdle.
