Nigeria Crude Production Hits 6-Year High in June
Nigeria's production of crude oil and condensate averaged 1.74 million barrels per day in June, while crude oil output alone of 1.56 mmbbl/d was the highest since April 2020, the Nigerian Upstream Petroleum Regulatory Commission said on Sunday. Nigeria's crude oil output in June was equivalent to 104% of its OPEC quota, the Commission said. Combined crude and condensate output at one point in June hit 1.89 mmbbl/d, which the Commission said reflected the achievability of 2 mmbbl/d output in the near term. Monthly increases in output for most of this year were facilitated by stable production operations and an absence of pipeline outages. That strengthening performance was well-timed with global energy markets suddenly short of supply when Iran closed the Strait of Hormuz at the outset of war with the US.
Nigeria's production of crude oil and condensate averaged 1.74 million barrels per day in June, while crude oil output alone of 1.56 mmbbl/d was the highest since April 2020, the Nigerian Upstream Petroleum Regulatory Commission said on Sunday.
Nigeria's crude oil output in June was equivalent to 104% of its OPEC quota, the Commission said.
Combined crude and condensate output at one point in June hit 1.89 mmbbl/d, which the Commission said reflected the achievability of 2 mmbbl/d output in the near term.
Monthly increases in output for most of this year were facilitated by stable production operations and an absence of pipeline outages.
That strengthening performance was well-timed with global energy markets suddenly short of supply when Iran closed the Strait of Hormuz at the outset of war with the US.