The latest drop in the price of crude oil threatens Nigeria’s revenue and naira stability
Nigeria’s average daily crude oil production rose to 1.507 million barrels per day (bpd) in July 2025, surpassing the Organization of the Petroleum Exporting Countries’ (OPEC) target for the second month in a row.
This update was contained in OPEC’s latest Monthly Oil Market Report, released on Tuesday, which reviewed Nigeria’s drilling performance.
According to the oil cartel, the production figures were obtained through direct communication with Nigerian authorities.
According to the report, the current output represents an increase from the 1.505 million barrels per day recorded in June.
With the current production level, the global oil organisation said Nigeria maintained its position as Africa’s leading oil producer, followed by Algeria, which recorded an output of 937,000 bpd.
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The data from OPEC suggest oil inventories around the world will deplete significantly next year — by almost 1.2 million barrels a day — unless the group and its allies revive more of the production they still have halted.
It said crude production from the 22 OPEC+ members increased by 335,000 barrels a day in July, with about half of the gain accounted for by Saudi Arabia.
While the report showed that Saudi supply-to-market rose by 165,000 barrels a day last month to 9.525 million a day, it added in a footnote that the kingdom notified OPEC it reduced actual production by 551,000 barrels to 9.2 million barrels.
