Nigeria Exceeds OPEC Quota for Third Straight Month Despite Production Decline

Nigeria's oil production has met and exceeded OPEC's quota for the third consecutive month in July, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The country produced an average of 1.505 million barrels per day of crude oil, slightly above its OPEC quota of 1.5 million barrels per day.

However, there was a four percent month-on-month decline in oil production, with the NUPRC attributing the decline to operational challenges at the Erha and Akpo fields.

The regulator stated that disruptions at these fields constrained production volumes and contributed significantly to the overall reduction in national crude oil output.