Nigeria's Crude Output Falls to 1.505m bpd, Still Above OPEC Quota

Nigeria's crude oil production fell to 1.505 million barrels per day in July, but still exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota for the third consecutive month.

This represents a marginal excess of about 5,000 barrels per day over the OPEC quota of 1.5 million bpd.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) attributed the decline to operational challenges at the Erha and Akpo oil fields, which affected production during the month.