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Nigeria Crude Output Falls Below 1mbpd

OIL

Nigeria’s oil production has fallen to an all-time low below 1mbpd according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

  • Crude oil output has fallen from 1.08mbpd in July to 972kbpd in August 2022. Crude oil and condensates output fell to 1.18mbpd.
  • Nigeria continues to struggle with oil theft and vandalism despite efforts to recover oil and improve security.
  • The OPEC quota target for Nigeria was 1.826mbpd in August.

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