Fresh industry data shows Nigeria increased oil production in May and June, while OPEC members ramped up supplies following easing tensions in the Middle East…..
Nigeria recorded another increase in crude oil production in May and June, reinforcing its position as one of the few oil-producing nations to sustain higher output amid shifting global market conditions.
Latest production figures released by the Organisation of the Petroleum Exporting Countries (OPEC), alongside industry flow data compiled by Reuters, showed that Nigeria raised its crude production by 42,000 barrels per day in May.
The country’s output climbed to 1.530 million barrels per day, up from 1.489 million barrels per day recorded in April.
Production also remained on an upward trajectory in June, according to shipping and flow-tracking data from financial information group LSEG, maritime intelligence firm Kpler, as well as information obtained from oil companies, OPEC sources and industry consultants.
Unlike some producers in the Middle East, Nigeria’s crude exports were largely insulated from the disruptions triggered by the recent conflict involving Iran, allowing production and shipments to continue without major setbacks.
Across the wider oil market, OPEC’s crude production also rebounded in June after falling to its lowest level in more than two decades.
The recovery came as Gulf producers gradually restored supplies that had been disrupted during the Iran conflict and the temporary impact of the Strait of Hormuz on regional oil movements.
According to the survey, total production by OPEC’s 11 member countries rose by about 330,000 barrels per day in June to 19.43 million barrels per day compared with the previous month.
Despite the increase, the cartel’s overall output remained below production levels recorded during the height of the COVID-19 pandemic, when global demand for crude oil collapsed.
The figures do not include the United Arab Emirates, which officially exited OPEC on May 1.
Among OPEC producers, Kuwait and Iran posted the strongest production gains after the United States lifted restrictions affecting vessels travelling to and from Iranian ports, easing pressure on the country’s oil exports. Saudi Arabia and Iraq also recorded increases in crude production during the month.
