Nigeria's Oil Production Drops 4% in July, Exceeds OPEC Quota

In July, Nigeria's crude oil production decreased by 4% month-on-month, averaging 1.505 million barrels per day, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Despite this decline, Nigeria met its Organisation of Petroleum Exporting Countries (OPEC) quota of 1.5 million barrels per day for the third consecutive month.

Including condensate production of approximately 170,000 barrels per day, the total output reached 1.67 million barrels per day. This marked a reduction from June's production of 1.735 million barrels per day, a decrease of about 65,000 barrels per day or 3.75%.

The NUPRC attributed the decline primarily to operational challenges at the Erha and Akpo fields, which constrained production volumes. However, production activities at other oil-producing assets remained stable.

Year-to-date, Nigeria's combined crude and condensate production has increased, with July's output being 211,000 barrels per day, or 14.5%, higher than in January.