Nigerian Oil Production Sees Sustained Recovery

Nigeria's oil production has shown renewed strength in recent months, with pipeline losses declining and improved security of oil assets contributing to sustained recovery in crude output.

Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that combined crude oil and condensate production rose to approximately 1.735 million barrels per day (mbpd) in June, marking the fourth consecutive monthly increase.

The improvement comes after years of production disruptions caused by theft, vandalism, community interference, and attacks on oil infrastructure, resulting in billions of dollars in lost revenue, weakened foreign exchange earnings, and constrained government fiscal position.