The Organisation of Petroleum Exporting Countries (OPEC) reported that Nigeria’s average daily crude oil production rose to 1.27 million barrels per day (bpd) in June. This data, based on direct communication with Nigerian authorities, was highlighted in OPEC’s monthly oil market report released yesterday.
OPEC obtains crude oil production data from two sources: direct communication with member countries and secondary sources such as energy intelligence platforms. The current output of 1.27 million bpd marks a 1.57 percent increase from the 1.25 million bpd recorded in May.
With this production level, Nigeria remains the largest oil producer in Africa, outpacing Angola’s 906,000 bpd in June. Congo ranks third among Africa’s oil producers with 259,000 bpd.
According to secondary sources, OPEC-12’s total crude oil production averaged 26.57 million barrels per day (mb/d) in June 2024, a decrease of 80,000 barrels per day from the previous month. Crude oil output increased primarily in Libya, Venezuela, and Iran, while production in Saudi Arabia, Iraq, and the UAE decreased.
Meanwhile, non-OPEC DoC’s crude oil production averaged 14.24 mb/d in June 2024, down 45,000 barrels per day from the previous month. Increases in production were noted in Kazakhstan and Azerbaijan, whereas Russia’s production decreased.
