Nigeria has re-emerged as a key player in global oil markets, with production reaching new heights in July. Output averaged 1.71 million bpd, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), up 9.9% year-on-year.

Terminal performance underlines the recovery. Bonny posted 8.07 million barrels in July, a 13% jump from June, while Forcados edged higher to 9.04 million barrels, up 2.1% month-on-month. Yet, despite the strong momentum, volumes remain short of Nigeria’s 2025 budget benchmark of 2.06 million barrels per day (bpd), underscoring both the progress made and the challenge of sustaining higher output. Export flows reflect the rebound. Dirty oil shipments surged at the end of Q1 and continued into the summer, with France, Spain, and the U.S. remaining the major buyers.