Nigeria Surpasses OPEC+ Quota for Third Consecutive Month

Nigeria's oil production has exceeded its Organisation of Petroleum Exporting Countries (OPEC+) quota for the third consecutive month. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in July, the country produced 1.67 million barrels per day (mbpd) of crude oil and condensate, surpassing its allocated quota of 1.5 mbpd.

The NUPRC attributed the decline in production from June to July to operational challenges at the Erha and Akpo fields, which impacted production output during the period under review. However, production operations across other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimizing the impact of operational constraints.

Nigeria's sustained increase in oil production represents a buoy for the country's 2.2 mbpd production target by end of 2026. This would support the national budget viability, which is critical for stabilizing government revenue and foreign exchange, according to bodies like the Nigeria Economic Summit Group (NESG).

Industry stakeholders remain focused on addressing operational issues, restoring affected production capacity, and strengthening asset reliability to support improved performance in subsequent months.