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Nigeria aims to reach 3 million bpd crude output by 2030

Nigeria reported average crude production of 1.56 million barrels per day in June, its highest monthly level since April 2020.

Reported · Written up by our desk · Energy

Nigeria is targeting crude oil output of 3 million barrels per day by 2030, according to the Nigerian Upstream Petroleum Regulatory Commission. The regulator said reforms to speed up investment and reduce project delays are helping reverse years of declining production, which would nearly double current levels.

The commission pointed to faster permitting, quicker approvals for crude sales, and other regulatory changes to improve conditions for upstream operators. It also cited tax incentives and measures introduced under President Bola Tinubu to attract new capital to the sector.

Progress is already visible in recent production data. Average crude output reached 1.56 million barrels per day in June, while combined crude oil and condensate production rose to 1.735 million bpd.

Nigeria has also exceeded its OPEC+ crude production quota for two straight months, supported by improving security, fewer pipeline disruptions, and stronger operational performance, the article said.

Latest closeWTI crude $79.00 ▼0.8%

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