Nigeria Meets OPEC Quota Despite July Production Decline

Nigeria's oil production has met its OPEC quota for three consecutive months, despite a decline in overall output in July. According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country produced an average of 1.505 million barrels per day of crude oil in July, slightly above its quota of 1.5 million bpd.

The figure also includes 0.17 million bpd of condensate, bringing the combined production to 1.67 million bpd. However, this represents a decline of about 4% compared to June's output of 1.735 million bpd.

Production at two major fields, Erha and Akpo, was affected by operational challenges in July, contributing significantly to the overall reduction in national crude oil output. Despite these disruptions, operators implemented measures to maintain production efficiency and minimize impact.