Nigeria crude output hits six-year high, exceeds OPEC quota

Nigeria's crude oil production reached its highest level in more than six years in June, exceeding its OPEC production quota for the fourth consecutive month. According to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country produced an average of 1.56 million barrels per day of crude oil last month, the highest monthly average since April 2020. When combined with condensate output of 0.18 million barrels per day, total production for June averaged 1.735 million barrels per day.

This output represents 104 percent of Nigeria's 1.5 million barrel per day crude oil production quota set by the Organisation of the Petroleum Exporting Countries. The June figures mark the fourth straight month of production growth, rising from 1.483 million barrels per day in February. The month-on-month increase from May to June was 2.2 percent.

Officials attributed the sustained improvement to stable operations across most producing assets and the absence of any major pipeline outages during the period. The commission stated that enhanced operational stability supported improved production uptime and crude evacuation efficiency. While a limited number of assets...