Nigeria’s average daily crude production rose to 1,507,000 barrels per day in July, according to a report by the Organisation of the Petroleum Exporting Countries.
This is a 7,000-barrel-per-day increase above the quota approved for Nigeria by OPEC. The latest oil output figures indicate that the country has sustained its crude production above the OPEC quota for the second consecutive month.
According to the OPEC Monthly Oil Market Report for July, crude output increased marginally by 2,000 bpd, from 1.505 mbpd in June to 1.507 mbpd in the following month.
The PUNCH reports that this is the third time the country’s average crude production would meet the OPEC quota this year — January, June, and July. January has the highest output with 1.54 mbpd.
Crude production dropped to 1.46 mbpd in February. It worsened in March, falling to 1.40 mbpd. The output rose again in April to 1.48 mbpd and slipped again in May to 1.45 mbpd.
However, the surge above the OPEC quota in June was sustained in July, possibly attesting to the government’s efforts to ramp up production.
