Nigeria Meets OPEC Quota Despite Oil Production Dip

Nigeria's oil production met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota for the third consecutive month in July, despite a four percent month-on-month decline in crude oil production.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that Nigeria produced an average of 1.505 million barrels per day (mbpd) of crude oil and 0.17 mbpd of condensate in July, for a combined total of 1.67 mbpd.

This is above Nigeria's OPEC quota of 1.5 mbpd, but the commission attributed the decline to operational challenges experienced at the Erha and Akpo fields.

The NUPRC said that disruptions constrained production volumes and contributed significantly to the overall reduction in the country's crude oil output.