Nigeria Meets OPEC Quota for Fourth Straight Month

Nigeria has achieved its fourth consecutive month of compliance with its Organisation of Petroleum Exporting Countries (OPEC) crude oil production quota. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that the country produced 1,500,190 barrels per day (bpd) of crude oil, excluding condensates, in August.

This represents a modest increase of 0.4% from the 1,671,456 bpd recorded in July. The commission attributed the improvement to the resolution of operational challenges affecting the Single Buoy Mooring (SBM) at the Erha field, which had impacted production and evacuation activities in the previous month.

The restoration of normal evacuation and production operations at the Erha field contributed to the modest increase recorded in August. The NUPRC also stated that other producing assets remained relatively stable during the period, while operators continued to focus on improving production efficiency, maintaining asset integrity, and minimising operational disruptions.