Nigeria Exceeds OPEC Quota for Third Straight Month

Nigeria has successfully met its OPEC crude oil production quota for the third consecutive month, despite a significant decline in output. According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country produced an average of 1.505 million barrels per day (mbpd) of crude oil in July, exceeding its 1.5mbpd OPEC quota.

When condensate production is included, Nigeria's total output reaches 1.67mbpd. This achievement marks a continued improvement in the country's production levels, despite operational disruptions at some key assets.

The NUPRC attributed the decline in production to challenges at the Erha and Akpo fields, which impacted output during the period under review. However, other producing assets remained relatively stable, with operators implementing measures to sustain production efficiency.