Nigeria hits OPEC Quota Again as Production Hits 1.67mbpd
The country produced an average of 1.505 million barrels per day, mbpd, of crude oil in July, exceeding its 1.5mbpd OPEC quota, while condensate production added 0.17mbpd to take total oil and condensate output to 1.67mbpd.
The latest performance extends Nigeria’s run of meeting or exceeding its OPEC quota, signalling continued improvement in production despite operational disruptions in some key assets.
NUPRC data showed that combined crude oil and condensate production peaked at 1.78mbpd during the month, while the lowest daily output stood at 1.57mbpd.
However, July’s average production was down 4 per cent from the previous month, with the upstream regulator attributing the decline largely to operational challenges at the Erha and Akpo fields.
The Commission said the disruptions “impacted production output during the period under review,” constraining volumes and contributing significantly to the month-on-month decline.
Despite the setbacks, NUPRC said production across most other producing assets remained relatively stable, with operators implementing measures to sustain production efficiency and minimise the impact of operational constraints.
The latest production figures come amid the Federal Government’s push to sustain the recovery in Nigeria’s oil output and strengthen the country’s position within the OPEC framework.
Source: Sweetcrude
