Nigeria is back on track with its oil production goals, pumping out over 1.5 million barrels per day (bpd) in June — matching the quota set by OPEC for only the second time this year. Fresh data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirms the milestone, showing Nigeria’s determination to reclaim its spot as a top player in the global oil market.
While the country started strong in January with 1.53 million bpd, output dipped in the following months before bouncing back. Now, with production stabilizing, Nigeria is pushing for more — a 25% increase in its OPEC quota by 2027.
The Nigerian National Petroleum Company Limited (NNPC), led by Group CEO Bashir Ojulari, says the country has what it takes. With the massive 650,000 bpd Dangote Refinery now up and running and several modular refineries on the way, Nigeria’s refining and export capacity is expanding fast.
Ojulari revealed that Nigeria’s actual output, including 250,000 bpd of condensates, now totals about 1.65 million bpd. The goal? To raise total capacity to 2.4 million bpd and lock in a new OPEC quota of 2 million bpd with 1.7 million from crude and 300,000 from condensates.
He says past setbacks like infrastructure and operational hiccups are largely behind, and with rising domestic demand and improved systems, Nigeria is now in a stronger position to push for a larger production share.
Oil Prices Dip as Trump Warns Russia
Meanwhile, global oil prices dipped slightly after U.S. President Donald Trump threatened Russia with a 100% tariff if a Ukraine peace deal isn’t reached within 50 days. This warning rattled markets, dragging Brent crude down to $68.94 per barrel, while U.S. WTI crude dropped to $66.39.
Brent had surged to $70.53 earlier in the week, but analysts say the mix of rising OPEC+ output, softening demand, and geopolitical uncertainty is weighing on investor confidence. With Saudi Arabia increasing supply and talks of a ceasefire in Gaza getting an extra push from Trump and Israeli PM Netanyahu, the market remains on edge.
Still, oil has held up fairly well so far this year but experts warn the cracks are showing. Technical charts show Brent facing resistance at $75.30 and support at $62.72, suggesting a potential tug-of-war ahead for prices.
