Nigeria’s average daily oil production fell by four per cent in July, despite the country meeting and exceeding its Organisation of the Petroleum Exporting Countries (OPEC) quota for the third consecutive month.
Data from the Nigerian Upstream Regulatory Commission (NUPRC) showed that the country produced an average of 1.505 million barrels per day (bpd) of crude oil during the month, alongside 0.17 million bpd of condensate.
Combined, daily production stood at 1.67 million bpd.
The regulator said Nigeria’s daily crude oil and condensate output peaked at 1.78 million bpd during July, while the lowest recorded production was 1.57 million bpd.
Despite surpassing its OPEC crude oil production quota of 1.5 million bpd, the NUPRC said output declined by four per cent compared with the previous month.
The commission attributed the month-on-month decline mainly to operational challenges at the Erha and Akpo oil fields.
“These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output,” the NUPRC said.
The regulator, however, noted that production activities across most other oil-producing assets remained relatively stable during the period.
It said operators continued to implement measures aimed at improving production efficiency and reducing the impact of operational constraints.
The latest figures highlight the continued challenges facing Nigeria’s efforts to sustain and increase crude oil production, despite output remaining above the country’s OPEC quota.
