Nigeria’s Oil Output Hits 12-Month High at 1.71m bpd, Boosting Naira and Reserves

Nigeria's crude oil production reached a 12-month high in July 2025, hitting 1.71 million barrels per day, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This increase, which included both crude oil and condensate, marked a significant rise from the previous year.

The data revealed that various terminals, including Forcados, Bonny, Qua Iboe, and Escravos, contributed to the surge in production. The Group CEO of the Nigerian National Petroleum Company Limited, Bayo Ojulari, highlighted the positive impact of this increase on the country's economy, boosting the Naira and external reserves.

Despite ongoing challenges such as crude oil theft and pipeline vandalism, experts remain optimistic about Nigeria's oil production prospects, with the government aiming to reach a daily production target of 3 million barrels.