Nigeria Surpasses OPEC Quota for Third Straight Month

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

This figure surpasses the country's allocated quota of 1.5mbpd by OPEC+. The production levels were recorded despite operational challenges at some fields, which led to a four percent decline in production compared to June.

The NUPRC attributed the decline to disruptions at the Erha and Akpo fields, but stated that measures were taken to maintain production efficiency and minimize the impact of these constraints. The sustained increase is seen as a positive sign for Nigeria's 2.2mbpd production target by end of 2026.

The country's oil output has also contributed to OPEC+'s boost in its overall output, which saw an increase of 1.17mbpd from June figures.