Nigeria oil output hits six-year high as OPEC reports global production surge

The OPEC Monthly Oil Market Report showed June crude output rising by about 3.05 million barrels per day (bpd) to roughly 22 million bpd, while the broader OPEC+ alliance produced 36.28 million bpd. The United Arab Emirates, which recently left OPEC, increased its output by 80 % to around 3.8 million bpd.

Nigeria’s upstream regulator reported an average of 1.735 million bpd of crude and condensates in June, 104 % of its OPEC quota and the highest monthly average since April 2020. Production grew 2.2 % month‑on‑month, with Bonny terminal at 318 k bpd and Forcados at 306 k bpd. The country aims to reach 2 million bpd in the near term.

Seven OPEC+ members – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – agreed on 5 July to cut their collective output by 188 000 bpd starting in August, using the additional voluntary adjustment framework.

OPEC revised its 2026 global oil‑demand forecast down to 105.94 million bpd (up 0.7 % from 2025) but raised the 2027 outlook to 107.88 million bpd. The organization kept its Brazil‑liquids‑production outlook at a 340 k bpd increase for 2026 and a 110 k bpd rise for 2027, while projecting Brazil’s GDP growth at 2.0 % in 2026 and 2.2 % in 2027.

Venezuela’s OPEC‑reported crude output rose 0.67 % in June to 1.187 million bpd, though secondary estimates placed it near 1.07 million bpd. The figures were released amid a humanitarian response to severe June earthquakes, for which the United States granted a limited sanctions waiver.