According to the latest data from the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria maintains its pivotal role as the largest producer of crude oil in Africa, with its production reaching 1.276 million barrels daily in June 2024.
This marks an increase of an additional 25,000 bpd from the 1.251 million bpd recorded in May.
The data revealed that Nigeria’s average crude oil production in June was 1.362 million barrels per day, as reported by secondary sources, a decrease of ten thousand barrels compared to May’s figure of 1.372 million bpd.
Despite the slight decrease, Nigeria continues to be a trailblazer in crude oil production in Africa. Libya is the second largest producer, with 1.2 million bpd in June.
Nigeria’s average crude oil production of 1.27 million bpd in June indicates that it needs to catch up to its OPEC production quota of 1.5 million bpd and its budget target of 1.78 million barrels per day in the first half of 2024.
Heineken Lokpobiri, the Minister of Petroleum Resources (oil), had forecasted a crude oil production of 2,000,000 barrels per day by next year. Unfortunately, Nigeria still struggles to hit this mark.
Because of this, the Nigerian National Petroleum Company Limited(NNPCL) Group Executive Officer Mele Kyari declared a state of emergency in the oil and gas sector.