Nigeria Meets OPEC Quota with Record Oil Output

Nigeria's oil production has reached an all-time high of 1.68 million barrels per day (bpd), surpassing its OPEC quota for the fourth consecutive month, according to data from the Nigerian Upstream Regulatory Commission (NUPRC).

The August output saw a modest increase of 6,887 bpd over July's production, with the commission attributing this improvement to the resolution of operational challenges at the Erha field.

Specifically, the Single Buoy Mooring (SBM) issue was resolved, allowing for increased production at the asset. The restoration of normal evacuation and production operations contributed positively to Nigeria's overall production volumes in August.

The Bonny Terminal led all terminals with an average daily production of 320,040 barrels per day, followed closely by Forcados Terminal with 317,400 bpd. Qua Iboe Terminal accounted for 171,720 barrels of crude oil and condensates, while Escravos Oil Terminal recorded 131,710 barrels per day.