New figures from OPEC’s August 2025 Monthly Oil Market Report show that Nigeria has sustained crude oil production above its quota for two consecutive months. Output averaged 1.505 million barrels per day in June and 1.507 million barrels per day in July, slightly above the 1.5 million barrels per day limit set by the group.
It is the third time Nigeria has met its OPEC quota this year, after January’s high of 1.54 million barrels per day. Production dipped below the target between February and May before recovering in June and July.
Also Read: CBN Introduces Contact Channels for Cash Withdrawal Complaints
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, said the gains were driven by the Project One Million Barrels Initiative launched in 2024. The programme aims to boost output through reactivating dormant fields, speeding up regulatory approvals and improving operational efficiency.
Mr Komolafe said crude and condensate production had risen from 1.4 to as high as 1.83 million barrels per day, with a target of 2.5 million by 2026. He added that the government’s efforts had already increased supply by about 300,000 barrels per day.
Leave feedback about this
You must be logged in to post a comment.