Nigeria Meets OPEC Quota for Third Consecutive Month Amid Security Improvements

Nigeria's oil sector is experiencing an upward swing due to several factors, including improved security across the entire value chain. The country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) crude oil production quota for the third consecutive month in July.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that Nigeria produced an average of 1.505 million barrels per day of crude oil, slightly above its OPEC quota of 1.5 million bpd. The country's combined crude oil and condensate production was 1.67 million bpd during the month.

The improvement in quota compliance came despite a decline in overall output. The NUPRC attributed the July decline to operational challenges at the Erha and Akpo fields, which affected production during the period under review.