Nigeria Exceeds OPEC Quota with July Oil Production

Nigeria's oil production has exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota for the third consecutive month, reaching 1.67 million barrels per day in July.

This marks a significant improvement from the country's ability to meet its OPEC production allocation, according to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The NUPRC reported that daily production peaked at 1.78mbpd in July, while the lowest output stood at 1.57mbpd.

The commission attributed a four per cent month-on-month decline to operational challenges at the Erha and Akpo fields, which affected production volumes during the period.