Nigeria’s Oil Production Hits Six-Month High at 1.5m bpd, Surpasses OPEC Quota Again

Nigeria’s crude oil production climbed to its highest level in six months in July, marking a strong rebound after early-year output challenges. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows that the country pumped an average of 1.507 million barrels per day (bpd) in July, slightly above June’s 1.505 million bpd and surpassing its OPEC quota for the second month in a row.

Including condensates, Nigeria’s total liquid hydrocarbon production reached 1.712 million bpd, with peak combined crude and condensate output hitting 1.84 million bpd during the month. The NUPRC report highlighted that the lowest daily production recorded in July stood at 1.66 million bpd.

Earlier this month, NUPRC Chief Executive Gbenga Komolafe attributed the surge to the Commission’s Project 1 MMBOPD Incremental initiative, designed to boost output through a collaborative approach with stakeholders. “We achieved a peak production of 1.8 million bpd last month, with an average of 1.78 million bpd,” Komolafe said.

The Commission is also focusing on optimizing operational efficiency by implementing the Maximum Efficient Rate (MER) framework, improving produced water management, and streamlining shutdown and maintenance schedules to reduce disruptions. These strategies, according to Komolafe, are crucial to meeting the presidential mandate for increased production.

Nigeria’s improved performance is seen as a positive sign for its economy, which relies heavily on oil revenues. The sustained output growth, if maintained, could help stabilize foreign exchange inflows and strengthen fiscal resilience amid global market uncertainties.

Source: Business Day