Nigeria's Crude Oil Production Drops by 4% in July Amid Operational Challenges
Nigeria's crude oil production fell by 4% in July, according to data from the Nigerian Upstream Petroleum Regulatory Commission. The country produced an average of 1.505 million barrels per day of crude oil and 170,000 barrels per day of condensate in July.
The commission attributed the decline mainly to operational challenges at the Erha and Akpo fields, which affected production during the month. Despite this, Nigeria still met its Organisation of Petroleum Exporting Countries (OPEC) quota for the third consecutive month.
July's combined crude and condensate production stood at 1.67 million barrels per day, slightly above OPEC's quota of 1.5 million barrels per day. This represented a decline from June's 1.735 million barrels per day, which translates to a reduction of about 65,000 barrels per day or 3.75%.