Oil boom: Nigeria exceeds OPEC target, records 74-month production peak

Nigeria exceeds OPEC target

Nigeria’s crude oil and condensate production rose to an average of 1,735,398 barrels per day (bpd) in June 2026, marking the fourth consecutive month of production growth and the country’s highest crude oil output in more than six years.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this in a statement signed by the Head of Media and Corporate Communications, Eniola Akinkuotu, and shared on his official X handle on Monday. He said the performance enabled Nigeria to exceed the Organisation of the Petroleum Exporting Countries’ (OPEC) crude oil production quota of 1.5 million barrels per day (bpd).

According to the figures, Nigeria produced an average of 1.56 million bpd of crude oil and 0.18 million bpd of condensates during the month. Excluding condensates, the country’s crude oil output represented 104 per cent of its OPEC production quota.

Onanuga said the 1.56 million bpd crude oil production recorded in June was Nigeria’s highest monthly crude output since April 2020, representing a 74-month high.

He added that combined crude oil and condensate production peaked at 1.89 million bpd during the month, underscoring the country’s potential to attain the long-standing target of 2 million bpd in the near term. The lowest daily production recorded during the period stood at 1.57 million bpd.

The latest production figures extend an upward trend that began earlier in the year. Nigeria’s average daily production increased from 1.483 million bpd in February to 1.546 million bpd in March, 1.663 million bpd in April, 1.700 million bpd in May, before reaching 1.735 million bpd in June, representing a 2.2 per cent month-on-month increase.

Onanuga attributed the sustained growth to improved operational stability across producing assets and the absence of major pipeline outages during the review period.

He said stable production operations enhanced production uptime and improved crude evacuation efficiency, while the limited operational shutdowns experienced at a few assets had only a minimal impact on overall national output.

He added that scheduled turnaround maintenance activities were successfully executed without causing significant disruptions to production.

According to him, the June performance reflects the commitment of operators and stakeholders in the upstream petroleum sector to improving operational efficiency, maintaining asset integrity and strengthening production reliability.

A breakdown of production by terminals showed that Bonny Terminal remained the country’s highest-producing terminal, recording an average of 318.28 thousand barrels per day (kbpd), up from 293.88 kbpd in May.

Forcados Terminal followed with an average production of 306.36 kbpd, compared with 289.90 kbpd in the previous month.

Qua Iboe Terminal recorded an average of 164.73 kbpd, slightly lower than the 173.36 kbpd posted in May, while Escravos Terminal increased production to 138.03 kbpd, from 135.47 kbpd.

The offshore Bonga field ranked as the fifth-highest producing stream, delivering an average of 103.66 kbpd, marginally higher than the 102.54 kbpd recorded in May.

The latest production figures underscore Nigeria’s sustained progress in boosting oil output, reflecting improved operational efficiency, enhanced infrastructure reliability and continued efforts to maximise petroleum revenues.

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