A recent report from the Organisation of Petroleum Exporting Countries (OPEC) shows that Nigeria’s average daily crude oil production increased to 1.276 million barrels per day (bpd) in June, up from 1.251 million barrels in May. This rise of 25,000 barrels per day represents a 1.57 percent increase.
However, Nigeria’s production levels are still below the OPEC target of 1.5 million barrels daily and the country’s budget target of 1.78 million barrels per day. Despite this, Nigeria remains the largest oil producer in Africa, with Libya following at 1.2 million bpd.
Nigeria continues to face challenges in the oil sector, including insecurity and low investment, which have prompted the exit of International Oil Companies (IOCs) and ongoing issues with the approval of oil asset transfers. The Nigerian National Petroleum Company Limited (NNPCL) has declared an effort to address these challenges, as oil production has stagnated over the past five months.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
