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Nigeria Oil Production Remains Well Below OPEC Targets in July

OIL

Nigeria produced 1.083 million barrels per day of oil in July based on Nigerian Upstream Petroleum Regulatory Commission figures.

  • The country produced around 717,000 bpd below its 1.8mn bpd OPEC production target for the month.
  • In the latest round of OPEC distribution of quotas, Nigeria got a modest 4,000 bpd increase for September which it is expected to fall well short of achieving.
  • Nigeria blames rampant theft and vandalism of pipelines and infrastructure as well as underinvestment for its failure to meet production targets - missing out on a backdrop of soaring prices on the international markets this year.
  • Nigeria only managed to hit just 1.158 million bpd in the June assessment after it fell to a record low of 1.024 million bpd in the previous month of May.
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Nigeria produced 1.083 million barrels per day of oil in July based on Nigerian Upstream Petroleum Regulatory Commission figures.

  • The country produced around 717,000 bpd below its 1.8mn bpd OPEC production target for the month.
  • In the latest round of OPEC distribution of quotas, Nigeria got a modest 4,000 bpd increase for September which it is expected to fall well short of achieving.
  • Nigeria blames rampant theft and vandalism of pipelines and infrastructure as well as underinvestment for its failure to meet production targets - missing out on a backdrop of soaring prices on the international markets this year.
  • Nigeria only managed to hit just 1.158 million bpd in the June assessment after it fell to a record low of 1.024 million bpd in the previous month of May.