Nigeria Meets OPEC Quota Despite Four Percent Drop in Oil Production

Nigeria's oil production met and exceeded its OPEC quota for the third consecutive month in July, despite a four percent decline in crude output.

The country produced an average of 1.505 million barrels per day (mbpd) of crude oil in July, exceeding its OPEC quota of 1.5mbpd.

According to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), condensate production stood at 0.17mbpd during the month.

The commission attributed the decline in production to operational challenges experienced at the Erha and Akpo fields, which constrained production volumes and contributed significantly to the overall reduction in crude oil output.