The Nigerian National Petroleum Company (NNPC) Limited recorded a 23.9% decline in oil revenue for June 2025 as ongoing global volatility in commodity markets weighed on prices.
According to the company’s latest operational and financial performance report, oil revenue dropped to ₦4.57 trillion in June, down from ₦6 trillion in May — the lowest monthly figure in three months.
The decline reflects weak crude pricing amid geopolitical tensions, sluggish demand recovery and uncertainty over OPEC+ production guidance.
Profit after tax also declined by 14% to ₦905 billion from ₦1.05 trillion recorded in the month of May despite improved operational output.
Total crude oil and condensate production averaged 1.68 million barrels per day (bpd) in June, slightly higher than 1.63 million bpd recorded in the previous month.
Peak daily output reached 1.73 million barrels per day with crude oil production rising to 1.42 million bpd while condensate output moderated to 0.26 million bpd from 0.28 million bpd.
Gas production also improved with daily output rising to 7.581 billion standard cubic feet (bscf) from 7.352 bscf in May. Gas sales volumes grew to 4.742 bscf per day.
In the downstream segment, fuel availability at NNPC Retail Limited outlets improved to 71% in June, compared to 62% in the prior month.
The increase was attributed to enhanced supply coordination and industry-wide collaboration to stabilise distribution.
Infrastructure development remained a strategic focus, as NNPC confirmed the completion of the River Niger crossing on the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline Project—a critical milestone for accelerating domestic gas infrastructure—while a technical review is ongoing for the River Niger segment of the OB3 pipeline.
Despite improved production metrics and infrastructure progress, external market conditions continue to dominate revenue performance.
Global oil prices have been pressured by macroeconomic uncertainties, reduced Asian crude demand and mixed signals from major oil producers.
The sharp revenue decline highlights Nigeria’s vulnerability to global market cycles, even with moderate domestic production gains.
Analysts expect further pressure on monthly earnings unless there is a meaningful recovery in global prices or stronger export demand.
NNPC is expected to maintain a focus on cost optimisation, sustained upstream performance and monetisation of gas assets as part of its strategy to mitigate exposure to crude oil price fluctuations and diversify its revenue base.
