Nigeria’s oil production notches 1.559 mbpd, up 11% YoY
By Jeph Ajobaju, Chief Copy Editor
Crude oil production in Nigeria, excluding condensate, rose 11 per cent, year-on-year (YoY) to 1.559 million barrels per day (mbpd) in July, the highest monthly output in 2025.
The Organisation of Petroleum Exporting Countries (OPEC) disclosed in its August 2025 Monthly Oil Market Report (MOMR) that Nigeria’s output jumped from 1.386 mbpd in July 2024 to 1.559 mbpd in July 2025
OPEC said the output rose 1.0 per cent month-on-month (MoM), from 1.543 mbpd in June to 1.559 mbpd in July 2025, the highest this year based on data obtained from secondary sources.
When data obtained from direct communication were considered, OPEC added, Nigeria’s production increased from 1.307 mbpd in June to 1.559 mbpd in July.
However, the 1.559 mbpd is below the 2025 budget benchmark of 2.06 mbpd, $75 per barrel (pb), and N500 to dollar exchange rate – though for the third time in excess of OPEC 1.5 mbpd quota this year.
The news comes as Dangote Refinery and marketers reduced fuel price in line with international and local market forces.
Dangote slashed gantry price from N850 to N820 per litre as competition heightens in the downstream oil sector.
Dangote Group Chief Branding and Communications Officer, Anthony Chiejina, confirmed in a statement that the reduction is “from N850 to N820 per litre, effective from 12th August 2025.
“As part of our unwavering commitment to national development, Dangote Petroleum Refinery assures the public of a consistent and uninterrupted supply of petroleum products.
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks for fuel distribution across Nigeria, effective August 15, 2025.”
Petroleumprice.ng Chief Executive Officer Olatide Jeremiah explained to Vanguard that “The market is still witnessing competition among operators.
“The Dangote Petroleum Refinery has been determining the pace. Other operators responded by adjusting their depot prices.
“The market is dynamic and we shall continue to see a lot of changes in the downstream sector as events, especially the volatility of the international oil market, unfold.”
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