News & Current Affairs

Nigeria Beats OPEC Oil Target Again, Hits 1.5 Million Barrels Daily

Nigeria’s crude oil production reached 1.507 million barrels per day (bpd) in July, surpassing OPEC’s target for the second straight month, according to the group’s latest market report. The figure marks a slight increase from June’s 1.505 million bpd, reinforcing Nigeria’s lead as Africa’s top oil producer ahead of Algeria. OPEC noted that overall OPEC+ output rose by 335,000 bpd in July, with Saudi Arabia accounting for nearly half of the increase. Domestically, the Nigerian Upstream Petroleum Regulatory Commission reported higher figures, crediting enhanced security for the boost. The government targets increasing output to 3 million bpd.

Nairametrics

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