Nigeria meets OPEC crude quota for sixth month, regulator says
Nigeria met its OPEC crude-production quota for a sixth consecutive month in October, according to figures released by the Nigerian Upstream Petroleum Regulatory Commission on November 11.
Nigeria met its OPEC crude-production quota for a sixth consecutive month in October, according to figures released by the Nigerian Upstream Petroleum Regulatory Commission on November 11.
Crude output excluding condensate averaged about 1.51 million barrels per day. That was approximately 101 per cent of the country’s 1.5 million-barrel daily allocation.
Including condensate, the daily average was 1,687,710 barrels, or about 1.69 million. The distinction is essential because the larger combined number should not be compared directly with the crude-only OPEC allocation.
The regulator also reported a 1.7 per cent month-on-month production decline. Meeting the quota therefore does not mean output increased compared with September.
NUPRC attributed the recent stability to better operational uptime and more efficient evacuation of crude. Its figures place Forcados and Bonny among the largest contributing terminals.
The update offers a clearer picture of production reliability, while showing why both the quota measure and the month-to-month trend are needed to assess performance.
Source: NUPRC production update.
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