Nigeria's Oil Output Contributes to OPEC's July Production Surge

Nigeria played a significant role in OPEC's July production increase of 1.17 million barrels per day (bpd), contributing to a total output of 19.85 million bpd.

The country's improved production output has been consistently above the quota allocated to it by the oil alliance, averaging 1.56 million bpd in July, which translates to 104% of its designated OPEC contribution limit.

This surge in production was led by Iraq and Kuwait, with Iraq showing the biggest monthly rise in production, while Iran also raised output and supply to markets in July, benefiting from two weeks without a US blockade.