Nigeria Meets OPEC Quota for Third Straight Month Despite July Output Decline

Nigeria's crude oil production declined by about four per cent in July compared to June, but still managed to surpass its Organisation of Petroleum Exporting Countries quota for the third consecutive month.

The Nigerian Upstream Petroleum Regulatory Commission reported that the country produced an average of 1.505 million barrels of crude oil per day in July, slightly above its OPEC quota of 1.5 million barrels per day.

The commission attributed the decline to operational challenges at the Erha and Akpo fields, which affected production during the month.