Nigeria meets OPEC quota for third consecutive month despite July production decline

Despite this achievement, the country experienced a four percent month-on-month decline in oil production. In July, Nigeria produced an average of 1.505 million barrels per day of crude oil, slightly surpassing its OPEC quota of 1.5 million barrels per day. When including condensate production of 170,000 barrels per day, the total combined output was 1.67 million barrels per day.

This July figure represents a decrease from the 1.735 million barrels per day recorded in June, a reduction of approximately 65,000 barrels per day. The NUPRC attributed this decline primarily to operational challenges at the Erha and Akpo fields. However, the regulator noted that production activities across other assets remained stable, with stakeholders focused on resolving operational issues and improving asset reliability for future performance.