Nigeria’s oil output falls 4% in July despite meeting OPEC quota

Nigeria’s average daily crude oil production fell by four per cent in July, despite the country exceeding its Organisation of the Petroleum Exporting Countries (OPEC) quota for the third consecutive month.

Data released by the Nigerian Upstream Regulatory Commission showed that the country produced an average of 1.505 million barrels of crude oil per day in July, alongside 0.17 million barrels per day of condensate.

Combined crude and condensate production stood at 1.67 million barrels per day during the month.

The NUPRC said Nigeria’s daily production peaked at 1.78 million barrels per day, while the lowest output recorded during the period was 1.57 million barrels per day.

“Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4%,” the commission said.

It attributed the decline mainly to operational challenges at the Erha and Akpo oil fields, which disrupted production during the period.

“These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output,” the commission said.

Despite the challenges, the NUPRC said production from most other oil-producing assets remained relatively stable.

It added that operators continued to implement measures aimed at maintaining production efficiency and limiting the impact of operational constraints on national output.