Nigeria Meets OPEC Quota for Third Straight Month Despite Output Decline

Nigeria has met and exceeded its Organisation of Petroleum Exporting Countries (OPEC) quota for crude oil production for the third consecutive month in July, despite a four per cent decline in output from June.

The Nigerian Upstream Petroleum Regulatory Commission reported that the country produced an average of 1.505 million barrels per day of crude oil in July, slightly above its OPEC quota of 1.5 million barrels per day. With condensate production put at 170,000 barrels per day, Nigeria's combined crude oil and condensate output stood at 1.67 million barrels per day during the month.

The commission attributed the decline in production from June to operational challenges at the Erha and Akpo fields, which constrained production volumes and contributed significantly to the overall reduction in national crude oil output. However, production activities across other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints.

The commission said routine production and crude evacuation operations were largely sustained across the sector during the month, and stakeholders remain focused on addressing the identified operational issues, restoring affected production capacity, and strengthening asset reliability to support improved performance in subsequent months.