Latest report by the Organisation of Petroleum Exporting Countries, OPEC has indicated that Nigeria’s average daily crude oil output in June slightly exceeded the country’s quota of 1.5 million barrels per day (bpd).
The organisation’s monthly crude oil report released on Tuesday, July 15, showed that Nigeria’s crude oil output rose to 1.505 million bpd in June from 1.453 million bpd in May.
It is the second time the country has met its 1.5 million bpd quota this year. In January, Nigeria’s crude oil production rose to 1.54 million bpd, but dropped in subsequent months.
In November 2023, OPEC approved a daily production quota of 1.5 million bpd for Nigeria, but the country consistently failed to meet the target, month after month. The crude oil production figure, according to the report, was based on direct communication received from Nigeria as an OPEC member.
And despite exceeding the OPEC quota in June, the International Center for Investigative Reporting, ICIR noted that the country is far from meeting its crude oil production benchmark of over two million bpd set in the 2025 budget, a situation analysts fear will make implementation unachievable.
In the middle of the shortfall in crude oil production, Nigeria is set to push for a 25 per cent increase in its oil production quota by 2027, the ICIR further observed in its reportage.
The push for the new quota by the Nigerian National Petroleum Company Limited (NNPCL) is hinged on growth in refinery capacity and improved production.
