Nigeria Exceeds OPEC Oil Quota for Third Month in July

In July, Nigeria met and exceeded its OPEC quota for the third consecutive month, producing an average of 1.505 million barrels per day (mbpd) of crude oil, slightly above the quota of 1.5 mbpd, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The total combined output, including condensate production of 170,000 barrels per day, reached 1.67 mbpd.

However, this output represented a decline of approximately 65,000 barrels per day, or 3.75%, from June's production of 1.735 mbpd. The NUPRC attributed the decline to operational challenges at the Erha and Akpo fields, which constrained production volumes.

Despite these setbacks, production activities across other assets remained stable, with operators implementing measures to maintain efficiency. The highest average output was recorded at Forcados Terminal with 322.34 thousand barrels per day, followed by Bonny Terminal at 303.72 kbpd.

The NUPRC confirmed that routine production and crude evacuation operations were largely sustained throughout the month.