Nigeria Exceeds OPEC Quota for Third Straight Month Despite Production Dip

Nigeria has surpassed its OPEC quota for crude oil production for the third consecutive month. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country produced 1.505 million barrels per day (mbpd) of crude oil and 0.17 mbpd of condensate in July, bringing the combined daily production to 1.67 mbpd.

The NUPRC attributed a decline in production from June to July to operational challenges experienced at the Erha and Akpo fields, which impacted production output during the period under review.

Despite these challenges, production operations across other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints.