Nigeria’s average daily crude oil production reached 1.505 million barrels per day (bpd) in June 2025, successfully meeting its output quota set by the Organization of the Petroleum Exporting Countries (OPEC). This marks a significant increase and the second time this year Nigeria has achieved this target.
The new figures were reported in OPEC’s latest Monthly Oil Market Report, released on Tuesday. The data, obtained directly from Nigerian authorities, shows a 3.58% increase from the 1.453 million bpd recorded in May and represents the highest production level since January. OPEC also noted that secondary sources estimated Nigeria’s June production at an even higher 1.547 million bpd.
With this production level, Nigeria maintains its position as Africa’s leading oil producer, surpassing Algeria, which produced 927,000 bpd in June.
The OPEC report indicated that total crude oil production from OPEC and its allies (DoC – Declaration of Cooperation) averaged 41.56 million bpd in June 2025, an increase of 349,000 bpd month-over-month. Earlier this month, OPEC+ (OPEC and its allies) decided to collectively increase production by 548,000 bpd in August.
Regarding global oil inventories, preliminary May 2025 data shows that OECD commercial inventories stood at 2,771 million barrels (mb), an increase of 34.5 mb from the previous month. Despite this rise, inventories remained below last year’s levels and key historical averages. Total OECD product stocks also increased to 1,413 mb in May.
The report also highlighted a decline in overall OPEC+ crude oil output in May 2025, as some member states implemented voluntary production cuts to compensate for earlier breaches of agreed quotas.
Earlier this month, OPEC projected a potential shortfall of 23 million bpd in global oil supply by 2030 if upstream investments fall short of the estimated $17.4 trillion needed to meet future demand. OPEC Secretary-General, Haitham Al Ghais, shared this outlook during the 24th Nigeria Oil and Gas (NOG) Energy Week Conference and Exhibition.
