The Organization of Petroleum Exporting Countries, or OPEC, estimated Nigeria’s crude oil production, excluding condensate, at 1.547 million barrels per day, bpd, in June 2025, raising new concerns about the implementation of the country’s N54.99 trillion 2025 budget yesterday. According to the organization, this represented a slight 1.24 percent increase over the 1.528 million bpd recorded in May 2025.
OPEC stated that this was based on information from secondary sources in its July 2025 Monthly Oil Market Report, or MOMR, which was published yesterday.
However, OPEC estimated the country’s output in June 2025 to be 1.505 million barrels per day, a slight increase from the 1.453 million barrels per day recorded in May 2025, when data from direct communication were taken into account.
Additionally, Nigeria’s Bonny Light was trading at $69 per barrel yesterday, $6 less than the country’s budgeted reference price of $75 per barrel for 2025.
The country’s 2025 budget of N54.99 trillion is predicated on an output of 2.06 million barrels per day, a price of $75 per barrel, and an exchange rate of N1, 500/$.
