Crude oil production by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) rose by nearly three million barrels per day (bpd) in June, with Nigeria exceeding its production quota during the period.

According to OPEC’s latest Monthly Oil Market Report, the group’s combined crude oil output increased by about 2.99 million bpd to an average of 36.28 million bpd in June, driven largely by higher production from major Gulf oil producers.
Saudi Arabia recorded the biggest increase, raising production by 1.95 million bpd to an average of 11.36 million bpd.

Iraq also increased output by 210,000 bpd to 4.23 million bpd, while Kuwait added 190,000 bpd, bringing its production to 2.53 million bpd.

Nigeria also posted improved performance during the month. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed the country produced an average of 1.56 million bpd of crude oil in June, exceeding its OPEC production quota of 1.5 million bpd. When condensates are included, Nigeria’s total oil production stood at 1.735 million bpd, the highest level recorded in more than six years.

Despite the increase in production, OPEC revised its global oil demand growth forecast for 2026 downward to 780,000 bpd, citing geopolitical uncertainties and evolving market conditions. However, the organisation maintained that global oil demand could strengthen in 2027 if economic conditions improve. Visit www.jocomms.com for more news.