Nigeria’s crude oil production increased in both May and June, according to data published by the Organisation of the Petroleum Exporting Countries (OPEC) and a survey obtained by Reuters.
The output rise marks a continuation of the recovery trend that saw production reach approximately 1.7 million barrels per day in May, a 15-month high that pushed the country above its assigned OPEC quota.
9 million barrels of crude oil in the first five months of 2026, generating approximately N20.
The sustained improvement in pipeline security and operational efficiency has allowed Nigeria to consistently exceed its production targets.
This trend adds to the supply-side dynamics in the global oil market, particularly as OPEC+ members prepare to implement additional output increases in August.
The cartel recently agreed to add 188,000 barrels per day to its collective output, a move aimed at stabilizing fuel prices amid softening demand signals.
For traders, the Nigerian data underscores the resilience of African supply despite historical volatility.
The country exported an estimated 148.9 million barrels of crude oil in the first five months of 2026, generating approximately N20.22 trillion in revenue. This revenue stream remains critical for Nigeria’s fiscal stability, highlighting the continued dominance of crude exports in the national economy.