Nigeria: Nigerian oil production ticks down in July
Latest reading: Nigerian oil output inched down to 1.55 million barrels per day (mbpd) in July from 1.58 in June, overshooting the country’s OPEC+ quota of 1.50 mbpd for a fourth straight month.
Outlook: Nigerian oil production is likely to continue its upward path, again topping the 1.50 mbpd OPEC+ quota in 2026 as a whole and rising steadily thereafter through to the end of our forecast horizon in 2030. Production will be supported by improved security in the Niger Delta, infrastructure and governance reforms and renewed upstream investment. Progress on reducing crude theft and pipeline vandalism, along with potential Ogoni field restart and new discoveries, should also lend support. However, Federal Government plans to resume oil production at the Ongoni field after 32 years have suffered a setback, due to concerns among indigenous people in the area that the restart has commenced before negotiations were completed.