Nigeria Meets OPEC Quota for Fourth Straight Month
Nigeria's crude oil production remained steady in August, meeting its OPEC quota for the fourth consecutive month. According to data from the Organization of the Petroleum Exporting Countries (OPEC), Nigeria averaged 1.5 million barrels per day (bpd) in August, a 0.33 percent decline from July's output.
This marks the country's third straight month meeting its OPEC quota, following an average production of 1.505 million bpd in July and 1.53 million bpd in May. Nigeria retained its position as Africa's leading oil producer, with Libya ranking second at 1.39 million bpd and Algeria third at 1 million bpd.
OPEC sources crude oil production data from direct communication with member countries and secondary sources, including energy intelligence platforms. The group noted that higher oil production in Nigeria could boost foreign exchange earnings, particularly as crude prices have increased above $100 a barrel amid disruptions to oil shipments linked to the US-Iran conflict.