Nigeria Extends OPEC Quota Compliance Streak to Four Months

Nigeria has maintained its compliance with OPEC's crude oil production quota for four consecutive months, according to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The country produced an average of 1.5 million barrels per day (bpd) of crude oil in August, excluding condensates.

The total oil production, including condensates, stood at 1.677 million bpd, representing a 0.4% increase from the previous month. The improvement was attributed to the resolution of operational difficulties affecting the Erha field, which had been constrained by an evacuation bottleneck in July.

Erha's contribution to production was significant, with the field producing an average of 320.04 thousand bpd. Bonny and Forcados were also major contributors, recording average productions of 317.40 thousand bpd and 171.72 thousand bpd, respectively.