Nigeria Meets OPEC Quota as Oil Production Reaches 1.68m bpd in August
Nigeria's oil production has continued to recover after a marginal increase in August, reaching 1.68 million barrels per day (mb/d) and meeting its Organisation of Petroleum Exporting Countries (OPEC) quota for the fourth consecutive month.
The Nigerian Upstream Petroleum Regulatory Commission reported that crude oil and condensate production averaged 1,677,777 mb/d in August, up by 6,777 mb/d from July's output. This represents a 0.4% monthly increase, but still trails June's record of 1,735,398 mb/d.
The recovery is attributed to the resolution of operational issues at the Erha field, where difficulties involving the Single Buoy Mooring had affected production and evacuation activities in July.
The NUPRC noted that while output remains below June's level, the modest improvement demonstrates continued efforts by operators to address operational bottlenecks and restore disrupted production capacity.