Nigeria's crude oil output up 42,000 bpd in May, rises further in June

Nigeria's crude oil output rose by 42,000 barrels per day in May to 1.53 million barrels per day, up from 1.49 million barrels per day in April, according to OPEC data. Output also increased in June based on flow data from financial group LSEG, tracking firm Kpler, and industry sources. The gain comes despite global disruptions from the Iran war, which did not affect Nigeria's shipments.

Higher oil production boosts government revenue from exports, which can support the naira, fund public spending, and ease pressure on fuel prices. For Nigerians, this could mean more stable electricity supply from gas-powered plants and potential relief at the pump, though actual benefits depend on how revenue is managed and whether losses from theft and subsidies are curbed.

OPEC's overall output also rose in June as Gulf members revived supplies after the Iran war eased, with the bloc agreeing to increase output by 188,000 bpd from August. Will Nigeria's production gains translate into tangible economic benefits for citizens, or will systemic challenges in the oil sector limit the impact?

SOURCE: https://www.channelstv.com/2026/07/06/nigeria-boosts-crude-output-in-may-june/