Nigeria’s Oil Production Hits Six-Year High as Middle East Risks Return

AI Summary

Nigeria’s crude oil production reached a six-year high in June, with output at 1.56 million barrels per day amid stabilized operations. Rising Middle East tensions, especially from Iran, add risk to crude flows through the Strait of Hormuz.

Nigeria’s crude oil production hit a six-year high in June, as operations continued to stabilize and no major outage incidents occurred, just as the new flare-up in Iran threatens flows through the Strait of Hormuz again. Nigeria pumped 1.56 million barrels per day (bpd) of crude oil last month, the largest average monthly production volume since April 2020, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Total crude oil and condensate production rose for the fourth consecutive month to 1.735 million…