Latest crude oil price drop threatens Nigeria’s revenue and naira stability
Nigeria’s average daily crude oil production rose to 1.507 million barrels per day (bpd) in July 2025, surpassing the Organization of the Petroleum Exporting Countries’ (OPEC) target for the second month in a row.
This update was contained in OPEC’s latest Monthly Oil Market Report, released on Tuesday, which reviewed Nigeria’s drilling performance.
According to the oil cartel, the production figures were obtained through direct communication with Nigerian authorities.
OPEC typically sources its crude oil output data from two channels: direct communication with member countries and secondary sources such as energy intelligence platforms.
According to the report, the current output represents an increase from the 1.505 million barrels per day recorded in June.
With the current production level, the global oil organisation said Nigeria maintained its position as Africa’s leading oil producer, followed by Algeria, which recorded an output of 937,000 bpd.
Citing secondary sources, OPEC said, “Total DoC crude oil production averaged 41.94 mb/d in July 2025, which is 335 tb/d higher, m-o-m.”
More Insights
The data from OPEC suggest oil inventories around the world will deplete significantly next year — by almost 1.2 million barrels a day — unless the group and its allies revive more of the production they still have halted.
It said crude production from the 22 OPEC+ members increased by 335,000 barrels a day in July, with about half of the gain accounted for by Saudi Arabia.
While the report showed that Saudi supply-to-market rose by 165,000 barrels a day last month to 9.525 million a day, it added in a footnote that the kingdom notified OPEC it reduced actual production by 551,000 barrels to 9.2 million barrels.
Last week, the chief executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, said Nigeria’s oil production surpassed 1.8 million barrels per day (bpd) last month, with current average output at 1.78 million bpd.
The NUPRC boss noted that the output increase, largely possible due to the step-up in security operations, is part of a push to boost oil production by 1 million bpd to 3 million bpd.
Similarly, in its performance report, the Nigerian National Petroleum Company Limited (NNPCL) said gas production in Nigeria rose slightly in June 2025 to 7.581 billion standard cubic feet per day (bscf/d), up from 7.352 billion bscf/d recorded in May.
In addition, crude oil and condensate sales decreased to 21.68 million barrels in June from 24.77 million barrels in May.
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