Nigeria Boosts Crude Output In May, June

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Nigeria’s crude oil production in May and June, according to data published by the Organisation of the Petroleum Exporting Countries (OPEC) and a survey obtained from Reuters.

The country’s output increased by 42,000 barrels per day in May to 1,530 million barrels in May, from 1,489 million barrels in April.

Nigeria, whose shipments were not affected by the Iran war, also pumped ⁠more in June, based on flow data from financial group LSEG, information from other companies that track flows, such as ⁠Kpler, and data provided by sources at oil companies, OPEC, and consultants.

OPEC’s oil output in June also rose from its lowest in more than two decades as Gulf members began reviving supplies shut down during the Iran war and the effective closure of the Strait of Hormuz.

READ ALSO: OPEC+ Approves Oil Increase By 188,000 b/d From August

Output by the 11-member OPEC rose by 3.3 million barrels per day month-on-month ⁠to 19.43 million bpd. That marked a recovery from last month, which was the lowest monthly figure since at least 2000. It was also well below the levels seen during the COVID-19 pandemic in 2020, when demand collapsed.

The figures exclude the United Arab Emirates, which quit OPEC as of May 1.

Kuwait and Iran experienced the biggest increases, as the U.S. ended its blockade of ⁠ships to and from Iranian ports, which had been forcing cuts in output. Saudi Arabia and Iraq also increased output.