Crude oil production increased to 1.27mbpd in June — OPEC

Nigeria’s average daily crude oil production increased to 1.27 million barrels per day (mbpd) in June 2024, fresh data from the Organisation of Petroleum Exporting Countries (OPEC) has shown.

According to the Monthly Oil Market Report (MOMR) released on Wednesday, July 10, 2024, the oil cartel said the production data was based on direct communication with Nigerian authorities.

This figure marks an improvement from the 1.25 million barrels daily in May, and lower than 1.28 million bpd recorded in April 2024.

From the secondary source, oil production declined to 1,362 million barrels per day from 1.37 million bpd reported in May 2024.

With the output, Nigeria maintained its top position in Africa surpassing Angola, which produced 906,000 bpd in June and Congo which produced 259,000 bpd in June.

On price movement, in June, the OPEC Reference Basket (ORB) declined slightly by 37¢, or 0.4%, m-o-m, to average $83.22/per barrel.

On global demand, the cartel pegged the 2024 global forecast at 2.2 mbpd, unchanged from last month’s assessment.

“The Organisation for Economic Co-operation and Development (OECD) oil demand in 2024 is expected to expand by around 0.2 mb/d, while the non-OECD is forecast to grow by around 2.1 mbpd.

In 2025, global oil demand is expected to see robust growth of 1.8 mbpd, y-o-y, also unchanged from the previous month’s assessment.

”The OECD oil demand is expected to grow by 0.1 mbpd, y-o-y, while the non-OECD demand is forecast to expand by 1.7 mbpd,” the report stated.