Nigeria's Crude Output Falls for Second Straight Month to 5,000bpd

Nigeria's crude oil production declined for the second consecutive month in August, averaging 1.50 million barrels per day (mbpd), down from 1.505 million bpd in July.

This represents a decline of 5,000 barrels per day, extending a two-month trend of lower output reported directly to the Organisation of the Petroleum Exporting Countries (OPEC).

Nigeria's August production remained within its OPEC quota for the third consecutive month, but the decline highlights the challenges of sustaining higher production levels.