OPEC Puts Nigeria’s Crude Oil Output in June at 1.555mbpd

By Adedapo Adesanya

Nigeria’s crude oil production rose by 25,000 barrels per day or 1.31 per cent to 1.555 million barrels per day in June from 1.530 million barrels per day in May 2026.

This was contained in the Monthly Oil Market Report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC), using direct communication issued on Monday.

According to the report, using secondary sources, the country’s production increased by 5,000 barrels per day from 1.554 million barrels per day in May to 1.559 million barrels per day in June.

It noted that by the accounts of direct communications and secondary sources, Nigeria surpassed the OPEC quota of 1.5 million barrels per day for two consecutive months (May and June).

In the World Oil demand report, OPEC said: “In 2026, world oil demand is forecast to grow by about 0.8 mb/d, y-o-y, reflecting a slight downward revision from last month’s assessment. Overall, oil demand in the OECD is projected to increase by about 40 tb/d in 2026, while non-OECD oil demand is expected to grow by about 0.74 mb/d, y-o-y. Global oil demand in 2027 is forecast to rebound by about 1.9 mb/d, y-o-y, reflecting an upward revision from last month’s assessment. OECD demand is forecast to grow by around 0.3 mb/d, while demand from non-OECD countries is forecast to expand by about 1.7 mb/d.”

Giving an account of World Oil Support, the report stated: “Non-DoC liquids production (i.e. liquids production from countries not participating in the DoC) is forecast to expand by about 0.6 mb/d in 2026 to average 54.8 mb/d.

This is unchanged from last month’s assessment. The main drivers of growth in liquids production are expected to be Brazil, the US, Canada, and Argentina.

“In 2027, non-DoC liquids production is forecast to grow by about 0.6 mb/d, to average 55.5 mb/d. This remains unchanged from last month’s assessment. The main drivers of growth in liquids production are expected to be Qatar, Canada, Brazil and Argentina.

“DoC NGLs and non-conventional liquids are forecast to rise by about 0.1 mb/d in 2026 to average 8.8 mb/d.

Further growth of about 0.1 million barrels per day is expected in 2027, to average 8.9 million barrels per day. DoC crude oil production in June increased by about 3 million barrels per day, m-o-m, averaging 36.28 million barrels per day, as reported by available secondary sources.