SEATTLE (Oil Monster): The latest statistics published by the Organization of the Petroleum Exporting Countries (OPEC) indicates that Nigeria maintained oil quota for the second consecutive month in July.
The average daily crude oil production in Nigeria was 1.505 million barrels per day (mbpd) in June and 1.507 mbpd in July, according to the Monthly Oil Market Report released by the group of oil producing nations. This kept the production slightly above the 1.5 mbpd oil quota set by OPEC.
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This is the third time this year that the nation's output has reached the OPEC quota. Nigeria's January production was the highest of the year at 1.54 mbpd. In February and March, the production fell to 1.46 and 1.40 mbpd, respectively. It fell to 1.45 mbpd in May after rising to 1.48 mbpd in April.
The nation has been aggressively increasing crude oil output by resuming production at inactive fields and guaranteeing improved operational efficiency throughout the upstream value chain, according to Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). He noted that output has recovered as a result of the present regime's quicker regulatory approvals.
