Crude Oil
Nigeria’s Oil Production Drops Further in June, Hits 1.48 Million bpd
Nigeria’s oil production decline further in the month of June, according to the latest survey from S&P Global Platts.
Africa’s largest oil producer, produced 1.48 million barrels per day in June, down from 1.55 million bpd it produced in May, the lowest production since January.
This is despite OPEC+ adding 540,000 barrels per day in June to meet the surge in demand for the commodity ahead of summer and the full opening of economies.
In June OPEC pumped 26.19 million barrels per day, an increase of 480,000 barrels per day when compared to May production. The cartel attributed the increase to the surge in Saudi Arabia’s production during the month.
The nine non-OPEC members led by Russia produced a combined 13.27 million barrels per day during the month, a 60,000 barrels per day increase when compared to May.
Despite the increase in production, OPEC+ attain a 110.16 percent compliance level, slightly below 111.45 percent recorded in May.