Nigeria has sustained its compliance with the Organisation of Petroleum Exporting Countries (OPEC+) crude oil production quota for the third consecutive month, producing above its allocated 1.5 million barrels per day (mbpd) target in July.
The latest production statistics released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that the country produced an average of 1.505mbpd of crude oil and 0.17mbpd of condensate during the month, bringing total daily production to 1.67mbpd.
The figures represent 100.3 per cent compliance with Nigeria’s OPEC+ crude oil production allocation.
According to the NUPRC data, Nigeria’s combined crude oil and condensate production peaked at 1.78mbpd during the month, while the lowest daily output stood at 1.57mbpd.
Despite maintaining production above its OPEC+ allocation, the country recorded a four per cent month-on-month decline in output, with the NUPRC attributing the reduction to operational challenges at the Erha and Akpo fields.
In a statement signed by its Head of Media and Corporate Communications, Eniola Akinkuotu, the Commission said the disruptions constrained production volumes and contributed significantly to the decline in national crude oil output.
The Commission, however, said production operations across other producing assets remained relatively stable, with operators implementing measures to maintain efficiency and minimise the impact of the disruptions.
“Routine production activities and crude evacuation operations were largely sustained across the sector,” the NUPRC said.
A breakdown of production by terminals and streams showed that Forcados Terminal recorded the highest average daily production during the month at 322.34kbpd, followed by Bonny Terminal with 303.72kbpd.
Qua Iboe Terminal accounted for 158.02kbpd, while Escravos Oil Terminal recorded an average daily output of 131.41kbpd. Bonga ranked fifth among the leading producing terminals, with an average production of 100.23kbpd.
The July performance further strengthens Nigeria’s prospects of achieving its 2.2mbpd crude oil production target by the end of 2026, a goal considered critical to improving government revenue, strengthening the country’s fiscal position and supporting foreign exchange stability.
The Nigeria Economic Summit Group (NESG) has previously emphasised the importance of increased oil production to stabilising government revenue and strengthening the foreign exchange market.
The NUPRC said the July performance underscored the need for proactive asset management, operational resilience and timely intervention to minimise production disruptions across the upstream petroleum sector.
It added that industry stakeholders were focused on resolving the operational challenges affecting production, restoring lost capacity and improving asset reliability to sustain higher output in the coming months.
Nigeria’s recent performance marks a reversal from the first four months of the year when the country struggled to consistently meet its OPEC+ allocation.
In January and May, Nigeria produced about 1.53mbpd, representing 102 per cent compliance with its quota. However, production fell to 1.40mbpd in February, representing 93 per cent compliance, while March recorded 1.38mbpd or 92 per cent compliance. Output rose to 1.48mbpd in April, equivalent to 99 per cent compliance.
The return to sustained quota compliance in the subsequent months has also contributed to the broader OPEC+ production increase, as member countries gradually raise output in line with agreed adjustments.
