OPEC Reports Nigeria’s Oil Output at 1.544 Million bpd in May

The Organisation of Petroleum Exporting Countries (OPEC) reported yesterday that Nigeria’s crude oil production, excluding condensate, stood at 1.544 million barrels per day in May 2025, reflecting a modest 1.44% increase from April’s 1.522 million bpd, according to its June 2025 Monthly Oil Market Report based on secondary sources.

Oil prices, including Nigeria’s Bonny Light, remained around $73 per barrel, $2 below the $75 benchmark price assumed in Nigeria’s N54.99 trillion 2025 budget. The budget also relies on an oil output of 2.06 million bpd and an exchange rate of N1,500 to the dollar.

This shortfall in both price and production relative to budget assumptions has raised fresh fears about the budget’s feasibility. Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission, emphasized ongoing efforts to increase output: “As the regulator of Nigeria’s upstream petroleum industry, the NUPRC remains committed to providing a transparent, predictable, and investment-friendly environment that encourages the development of new crude streams and ensures optimal value for the Nigerians.”

The report underscores the challenges Nigeria faces in meeting its fiscal targets amid fluctuating oil prices and production constraints.