Nigeria’s crude output hits 74‑month high, hits 104% of OPEC quota in June
Nigeria’s crude oil and condensate output averaged 1,735,398 barrels per day in June 2026, with crude alone at 1.56 million bpd and condensates at 0.18 mbpd, reaching 104% of the 1.5 mbpd OPEC quota. The 1.56 mbpd crude figure is the highest since April 2020—a 74‑month peak—showing a steady 2.2% month‑on‑month rise from February’s 1.483 mbpd. The rise came from steady operations across most assets, no major pipeline outages, and well‑managed maintenance. Terminal outputs show Bonny at 318.28 kbpd, Forcados at 306.36 kbpd, Qua Iboe at 164.73 kbpd, Escravos at 138.03 kbpd, and Bonga at 103.66 kbpd. This upward trend signals stronger revenue prospects, steadier forex inflows, and potential relief for fuel‑subsidy pressures, affecting national budgets and naira stability. With output flirting with the 2 mbpd mark, the sector’s recovery could influence investment decisions and energy‑policy debates.
Will the government channel the extra oil revenue into cutting fuel subsidies, funding infrastructure, or building a savings buffer for future shocks?