Nigeria’s average daily crude oil production in June rose marginally to 1.276 million barrels, the Organisation of Petroleum Exporting Countries (OPEC) stated in its Monthly Oil Market Report (MOMR) on Wednesday.

This represents just 25,000 barrels daily from 1.251 million barrels per day recorded in May 2024 and lower than 1.28 million barrels per day recorded in April 2024.

According to the report released on Wednesday, the oil cartel said the production data was based on direct communication with Nigerian authorities.

 

Meanwhile, secondary sources show that Nigeria’s average daily crude oil production for the month was 1.362 million barrels per day, indicating a decrease of 10,000 barrels per day compared to May’s production of 1.372 million barrels per day.

Despite this decline, Nigeria retained its position as Africa’s largest oil producer. Libya followed closely with a production of 1.2 million barrels per day 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 million bpd, 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 added.