The Organization of the Petroleum Exporting Countries (OPEC) has reported Nigeria’s crude oil production—excluding condensates—at 1.544 million barrels per day (bpd) for May 2025.

This represents a slight increase of 1.44% compared to the 1.522 million bpd recorded in April 2025, according to OPEC’s June 2025 Monthly Oil Market Report (MOMR), which was released yesterday and based on secondary source data.

Meanwhile, prices of several crude oil grades, including Nigeria’s Bonny Light, stood around $73 per barrel on Monday, falling $2 short of the 2025 national budget’s benchmark price of $75 per barrel.

Nigeria’s N54.99 trillion 2025 budget was predicated on a daily crude output of 2.06 million barrels, a $75 per barrel benchmark, and an exchange rate of N1,500 to the dollar.

Commenting on the current situation, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, reaffirmed ongoing efforts to boost production.

“As the regulator of Nigeria’s upstream petroleum sector, the NUPRC remains committed to fostering a transparent, predictable, and investment-friendly environment that drives the development of new crude streams and maximizes value for Nigerians,” he said.