Nigeria Meets OPEC Quota for Third Straight Month

Nigeria's oil production has met its OPEC quota for three consecutive months, with July's output averaging 1.67 million barrels per day (mbpd), according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The NUPRC data showed that crude oil output averaged 1.505mbpd in July, while condensate added 0.17mbpd, bringing the combined daily average to 1.67mbpd.

Despite meeting its quota, Nigeria's overall production declined by 4% compared to June, mainly due to operational challenges at the Erha and Akpo fields.

The NUPRC attributed the decline to disruptions at these two fields, which constrained volumes and were a significant factor in the production shortfall for the month.