Nigeria’s daily crude oil production increased slightly to 1.276 million barrels in June, up from 1.251 million barrels in May.
This is according to the latest OPEC monthly oil market report.
The figure means oil production falls short of the country’s OPEC production quota of 1.5 million barrels daily and its budget target of 1.78 million barrels per day.
The report, which relies on data from Nigerian authorities, indicates a marginal increase of 25,000 barrels daily.
Meanwhile, secondary sources suggest a decline in production to 1.362 million barrels per day, down from 1.372 million barrels in May.
Despite this decline, Nigeria maintained its position as Africa’s largest oil producer, followed closely by Libya.
Meanwhile, Russia surpassed Saudi Arabia as the top producer among OPEC+ members, with an average daily production of 9.14 million barrels.
Total OPEC+ production decreased by 125,000 barrels daily, while OPEC members saw a decline of 80,000 barrels to 26.57 million barrels daily.
The OPEC Reference Basket price dropped slightly to $83.22 per barrel, while the ICE Brent and NYMEX WTI contracts remained largely stable.
