Nigeria has sustained its crude oil production at 1.5 million barrels per day (bpd) for July 2025, adhering to the quota set by the Organisation of the Petroleum Exporting Countries (OPEC) for the second consecutive month, as reported in OPEC’s August Monthly Oil Market Report (MOMR).
According to OPEC data, Nigeria’s average daily production reached 1.507 million bpd in July, a slight increase from the 1.505 million bpd recorded in June. This marks a recovery following several months of fluctuating output earlier in the year.
Production levels had declined to 1.46 million bpd in February, 1.40 million bpd in March, 1.48 million bpd in April, and 1.45 million bpd in May. Prior to this, Nigeria achieved its highest production rate of the year in January, reaching 1.54 million bpd.
OPEC implements production limits for its member countries to help balance global supply and stabilize oil prices. Given that crude oil accounts for over 60 percent of Nigeria’s foreign earnings, the country has recently intensified efforts to meet its designated quota.
Industry sources indicate that Nigeria is reactivating inactive oil fields, expediting regulatory approvals, and enhancing operational efficiencies in the upstream sector to maintain its output levels.
Mr. Bashir Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, remarked that the recent stability in production could enable Nigeria to seek a higher output benchmark from OPEC.
Oil revenues play a crucial role in Nigeria’s fiscal framework, and increased production is anticipated to alleviate pressure on foreign reserves while reducing the need for borrowing to support the N54 trillion national budget for 2025.
