In June 2023, Nigeria’s average daily crude oil production exceeded its OPEC quota for the second time this year, surpassing the assigned limit of 1.572 million barrels per day. This follows a previous exceedance in January. The Nigerian Upstream Petroleum Regulatory Commission reported that Nigeria’s average daily crude production reached 1.633 million barrels, which is 21.63% above the OPEC quota. Additionally, the total oil production, which includes both crude and condensate, was approximately 2.19 million barrels per day. This marked a month-on-month increase in Nigeria’s oil output, up from 1.65 million barrels per day for both crude and condensate in May. In March, production dropped to as low as 1.60 million barrels per day. The NUPRC indicated in its statement that the minimum and maximum combined production of crude oil and condensate in June reached 1.61 million barrels per day (bopd) and 1.82 million bopd, respectively. Additionally, the average crude oil production stood at 100.4 percent of the OPEC quota, which is set at 1.5 million barrels per day. According to NUPRC, the average daily production in June reached 1,936,970 barrels per day, which includes both crude oil at 1,505,474 bopd and condensate at 191,572 bopd. However, this crude oil production fell short of the expected target of 2.06 mbpd that was outlined in the 2025 budget. Additionally, NNPCL’s group CEO, Bayo Ojulari, recently commented that the state-owned oil company is beginning to see progress under his leadership, stating, “We have started growing.” Back in March, our production was approximately 1.56 million barrels daily, and it has now increased to 1.63 million, which also accounts for condensates. We aim to reach a production of 1.9 million barrels per day by the end of the year. According to DAILY POST, Tinubu appointed the new leadership of NNPCL in April 2025. Following Ojulari’s appointment, NNPCL started publishing monthly performance reports.
