Nigeria's Oil Production Surpasses OPEC Quota in June

In June 2023, Nigeria's crude oil production averaged 1.56 million barrels per day (bpd), surpassing the Organization of the Petroleum Exporting Countries (OPEC) production quota of 1.5 million bpd. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the country achieved 104% of its OPEC quota during this month.

The combined crude oil and condensate production averaged 1,735,398 bpd, with crude oil accounting for 1.56 million bpd and condensate at 180,000 bpd. This production level represents Nigeria's highest monthly output since April 2020, marking a 74-month high.

The NUPRC attributed this improved performance to operational stability across production assets and the absence of major pipeline outages during the review period, which enhanced operational stability and supported improved production uptime and crude evacuation efficiency.