Nigeria Surpasses OPEC Quota for Third Straight Month as Oil Output Hits 1.67mbpd
Nigeria's oil production continues to defy expectations as it exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota for the third consecutive month in July. According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), total daily oil output reached 1.67 million barrels per day (mbpd). This is a significant milestone, especially considering that Nigeria produced an average of 1.505mbpd of crude oil during the month, while condensate production stood at 0.17mbpd.
The country's ability to sustain production above its OPEC quota for three consecutive months comes amid ongoing efforts by the Federal Government and industry regulators to boost crude oil production and maximise the country's upstream petroleum potential. The data shows that Nigeria produced a combined output of 1.670.890 barrels of crude oil and condensate in July, representing an increase above its OPEC quota of 1.5mbpd.
However, despite meeting the OPEC quota, Nigeria's production declined by four per cent month-on-month due to operational challenges at the Erha and Akpo oil fields, which affected production volumes during the period under review. NUPRC attributed the decline to these disruptions, which constrained output and contributed significantly to the overall reduction in national crude oil production.
The regulator noted that production operations across most other producing assets remained relatively stable, with operators implementing measures to sustain efficiency and minimise the impact of operational constraints.