Nigeria Meets OPEC Quota for Fourth Straight Month

Nigeria's crude oil production continued to recover in August, meeting its OPEC quota for the fourth consecutive month. The country produced an average of 1,500,190 barrels of crude oil per day in August, excluding condensates, representing a modest improvement from July.

The total crude oil and condensate production stood at 1,677,777 barrels per day, up 0.4 percent from the previous month. The restoration of normal evacuation and production operations at the Erha field, which had been affected by operational challenges involving the Single Buoy Mooring, contributed directly to the increase in national output.

The NUPRC noted that the performance underscored the importance of resolving operational constraints promptly, improving asset reliability, and strengthening collaboration among industry stakeholders to sustain production growth. Nigeria's ability to consistently maintain crude production around its OPEC allocation remains significant for government revenues and foreign exchange earnings.