Nigeria’s crude oil manufacturing in June 2024 rose to a median of 1.276 million barrels per day (bpd), up by 25,000 barrels day by day from Could’s 1.251 million bpd. This determine comes from OPEC’s month-to-month oil market report for June. Whereas OPEC’s report is the official determine, secondary sources declare the nation’s crude oil manufacturing dropped to 1.362 million bpd from Could’s 1.372 million bpd. Regardless of this, Nigeria remained Africa’s prime oil producer, adopted by Libya which produced 1.2 million bpd. Sadly, the West African nation nonetheless failed to fulfill its OPEC quota of 1.5 million bpd and its finances goal of 1.78 million bpd, persevering with a worrying pattern that lasted via the primary half of the yr. Given the nation’s reliance on oil income, the shortcoming to fulfill its oil manufacturing targets bode poorly for the nation because it impedes income mobilization.
SOURCE: NAIRAMETRICS