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OIL: Nigeria's Crude Output Edges Up to 1.31mb/d in July

OIL

Nigeria’s crude oil output edged up to the highest since February at 1.31mb/d in July from 1.28mb/d in June, according to data from the upstream petroleum regulatory commission.

  • Combined crude oil and condensates output rose to 1.53mb/d from 1.5mb/d in June.
  • Output of Agbami, Akpo, Bonny, Bonga, Escravos, Forcados and Qua Iboe all rose m/m in July but output fell for Egina and Amenam.
  • Nigeria’s oil output has risen after the government tightened security measures to reduce crude theft.
  • Nigeria has a crude production target agreed with the OPEC+ group of 1.5mbpd for 2024 and for 2025. The latest OPEC MOMR showed July crude production of 1.386mb/d based on secondary sources.

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