Nigeria exceeds OPEC oil quota despite production decline
Nigeria has surpassed its OPEC oil production quota for the third month in a row, according to the Nigerian Upstream Petroleum Regulatory Commission. The country produced an average of 1.505 million barrels of crude oil per day in July, slightly above its 1.5 million barrels per day quota. Despite this achievement, oil output fell compared to the previous month due to operational challenges. The commission noted that most production activities remained stable across other assets.
TLDR
- Nigeria exceeded its OPEC quota of 1.5 million barrels per day for the third consecutive month in July 2026, producing 1.505 million barrels of crude oil and 0.17 million barrels of condensate daily.
- Combined crude oil and condensate output stood at 1.67 million barrels per day in July, down from 1.735 million barrels per day in June.
- The Nigerian Upstream Petroleum Regulatory Commission attributed the July decline to operational challenges at the Erha and Akpo fields.
- Forcados Terminal recorded the highest average output at 322.34 thousand barrels per day, followed by Bonny Terminal with 303.72kbpd.
- The commission said stakeholders are working to resolve operational issues and restore affected production capacity.
