Nigeria Exceeds OPEC Quota for Third Straight Month

Nigeria has maintained its compliance with OPEC's production quota for the third consecutive month, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The country recorded a combined crude oil and condensate output of 1.67 million barrels per day in July.

This figure represents an average of 1.505mbpd of crude oil and 0.17mbpd of condensate, placing Nigeria above its OPEC crude oil production quota of 1.5mbpd.

However, despite maintaining production above the OPEC benchmark, overall output declined by four percent compared to June.