Nigeria's oil production drops 4% in July but country meets OPEC quota for third consecutive month
Nigeria's crude oil production experienced a 4% month-on-month decrease in July, according to the Nigerian Upstream Petroleum Regulatory Commission NUPRC. Despite this decline, the country maintained its compliance with the Organisation of Petroleum Exporting Countries OPEC quota for the third consecutive month. In July, Nigeria produced an average of 1.505 million barrels per day bpd of crude oil, slightly exceeding its OPEC quota of 1.5 million bpd. When condensate production, approximately 170,000 bpd, is included, the total crude and condensate output for the month reached 1.67 million bpd. This July figure represents a reduction from June's 1.735 million bpd, marking a decrease of about 65,000 bpd or 3.75%. The NUPRC attributed the July decline primarily to operational challenges at the Erha and Akpo fields. Despite these disruptions, production activities at other oil-producing assets remained stable. The commission noted that industry stakeholders are working to resolve the issues at the affected facilities to restore lost capacity. Forcados Terminal was the largest producing stream in July, with an average output of 322.34 thousand bpd, followed by Bonny Terminal and Qua Iboe Terminal. The Federal Government and NUPRC emphasize increased crude oil production as crucial for government revenue, foreign exchange earnings, and upstream sector investment.
