The logo of the Organization of Petroleum Exporting Countries (OPEC) is seen at its headquarters in Vienna on June 3, 2023. Credit: AFP
Nigeria met and exceeded the Organisation of the Petroleum Exporting Countries quota for the third consecutive month in July, despite a four per cent month-on-month decline in oil production, the Nigerian Upstream Petroleum Regulatory Commission has said.
The latest production data released by the NUPRC on Wednesday showed that Nigeria produced an average of 1.505 million barrels per day of crude oil in July, slightly above its OPEC quota of 1.5 million barrels per day.
With condensate production put at 170,000 barrels per day, the country’s combined crude oil and condensate output stood at 1.67 million barrels per day during the month.
The July output, however, represented a decline from the 1.735 million barrels per day recorded in June, translating to a reduction of about 65,000 barrels per day, or 3.75 per cent.
