Nigeria’s crude oil production rose to 1.505 million barrels per day (mb/d) in June, finally meeting its Organization of the Petroleum Exporting Countries (OPEC) quota for the first time in years, according to OPEC’s latest Monthly Oil Market Report. The figure marks an increase from May’s output of 1.453 mb/d, signaling a gradual recovery in the country’s oil sector.
Despite this milestone, Nigeria’s production remains below the 2.06 mb/d target set in its 2025 budget. The nation’s output had stagnated at 1.1 mb/d in 2023, improved to 1.3 mb/d in 2024, and averaged 1.4 mb/d since the beginning of this year.
Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), expressed optimism about further growth, projecting a rise to 1.9 mb/d by December 2025. He attributed the recent progress to enhanced security measures that ensured 100% crude oil pipeline availability in June—a first in years.
“We have started growing. In March, we were producing about 1.56 million barrels per day, and we’re now at 1.63 million, including condensates. By the end of the year, we are hoping to reach 1.9 million barrels daily,” Ojulari said.
The NNPCL chief credited the improved output to industry-wide security interventions and consistent cash-call payments to Joint Venture partners. However, he emphasized the need for more investments to sustain production growth and meet medium-term targets, including the goal of 2.06 mb/d by 2027.
With pipeline stability restored, analysts anticipate further increases in Nigeria’s oil production in the coming months, offering hope for stronger revenue generation and economic stability.
