Nigeria has maintained its position as the largest producer of crude oil in Africa, according to the latest data from the Organisation of the Petroleum Exporting Countries (OPEC).
With a daily production of 1.276 million barrels in June 2024, Nigeria continues to lead the continent in oil production, despite facing challenges in meeting its OPEC quota.
The data reveals a slight increase of 25,000 barrels per day from the 1.251 million barrels recorded in May, indicating a positive trend in Nigeria’s oil production. However, the country still falls short of its OPEC production quota of 1.5 million barrels daily and its budget target of 1.78 million barrels per day in the first half of 2024.
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According to Heineken Lokpobiri, Minister of Petroleum Resources, “We are working towards achieving a crude oil production of 2,000,000 barrels per day by next year.” Despite this optimism, Nigeria still struggles to hit this mark, prompting the Nigerian National Petroleum Company Limited (NNPCL) to declare a state of emergency in the oil and gas sector.
As Mele Kyari, Group Executive Officer of NNPCL, noted, “We need to take urgent action to address the challenges facing our oil and gas sector.” With Nigeria’s oil production accounting for a significant portion of its revenue, the country is determined to overcome its challenges and meet its production targets.
