Nigeria Meets OPEC Oil Production Quota for Third Month
Nigeria produced an average of 1.67 million barrels per day in July, meeting its OPEC quota for the third consecutive month despite operational declines.
The Nigerian Upstream Petroleum Regulatory Commission reported that Nigeria met its Organisation of the Petroleum Exporting Countries production quota of 1.5 million barrels per day for the third consecutive month in July. The country achieved a combined average production of 1.67 million barrels per day, comprising 1.505 million barrels of crude oil and 0.17 million barrels of condensate.
Daily production fluctuated throughout the month, peaking at 1.78 million barrels per day and reaching a low of 1.57 million barrels per day. Despite exceeding the quota, overall production fell by 4% compared to June levels.
The regulator attributed the month-on-month decline to operational challenges and disruptions at the Akpo and Erha fields. Most other producing assets remained stable as operators implemented efficiency measures to minimize the impact of these constraints.
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