…Surpasses OPEC 1.5mbpd quota for two consecutive months
Nigeria’s crude oil production rose by 25,000 barrels per day from 1.530 million barrels per day (mbpd) in May 2026 to 1.555mbpd in June.
This was contained in the Monthly Oil Market Report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC), using direct communication issued on Monday.
According to the report, using secondary sources, the country’s production increased by 5,000 barrels per day from 1.554mbpd in May to 1.559mbpd in June.
It noted that by the accounts of direct communications and secondary sources, Nigeria surpassed the OPEC quota of 1.5mbpd for two consecutive months (May and June).
In the World Oil demand report, OPEC said: “In 2026, world oil demand is forecast to grow by about 0.8 mb/d, y-o-y, reflecting a slight downward revision from last month’s assessment. Overall, oil demand in the OECD is projected to increase by about 40 tb/d in 2026, while non-OECD oil demand is expected to grow by about 0.74 mb/d, y-o-y. Global oil demand in 2027 is forecast to rebound by about 1.9 mb/d, y-o-y, reflecting an upward revision from last month’s assessment. OECD demand is forecast to grow by around 0.3 mb/d, while demand from non-OECD countries is forecast to expand by about 1.7 mb/d.”
Giving an account of World Oil Support, the report stated: “Non-DoC liquids production (i.e. liquids production from countries not participating in the DoC) is forecast to expand by about 0.6 mb/d in 2026 to average 54.8 mb/d.
This is unchanged from last month’s assessment. The main drivers of growth in liquids production are expected to be Brazil, the US, Canada, and Argentina.
“In 2027, non-DoC liquids production is forecast to grow by about 0.6 mb/d, to average 55.5 mb/d. This remains unchanged from last month’s assessment. The main drivers of growth in liquids production are expected to be Qatar, Canada, Brazil and Argentina.
“DoC NGLs and non-conventional liquids are forecast to rise by about 0.1 mb/d in 2026 to average 8.8 mb/d.
Further growth of about 0.1 mb/d is expected in 2027, to average 8.9 mb/d. DoC crude oil production in June increased by about 3 mb/d, m-o-m, averaging 36.28 mb/d, as reported by available secondary sources.”
