Nigeria Maintains Oil Production Above OPEC Quota In July

Nigeria’s crude oil production averaged 1.507 million barrels per day (bpd) in July, slightly above the 1.5 million bpd quota set by the Organisation of the Petroleum Exporting Countries (OPEC).

The OPEC Monthly Oil Market Report showed a marginal rise of 2,000 bpd compared to June’s 1.505 million bpd. This marks the second consecutive month the country has produced above its OPEC quota, and the third time in 2025 — January, June, and July.

Nigeria’s production has fluctuated this year, with February recording 1.46 million bpd, March dropping further to 1.40 million bpd, and a gradual recovery in April (1.48 million bpd) before sliding again in May (1.45 million bpd).

Industry regulators attribute the recent gains to the federal government’s efforts under the Project One Million Barrels Initiative, launched in 2024. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said dormant oil fields are being revived, regulatory approvals fast-tracked, and efficiencies improved across the sector.

According to Komolafe, production has risen by about 300,000 bpd under the current administration, with combined crude and condensate output now between 1.7 and 1.83 million bpd. He added that the government is targeting 2 million bpd in the near term and up to 2.5 million bpd by 2026.