The crude oil production in Nigeria has decreased in July to an average of 1.08 million barrels per day (bpd) from 1.16 million the previous month.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said this in its latest crude oil and condensate production data for July 2022.
The report shows a 6.42 percent decrease from June’s production figures.
With the addition of condensate, oil output in July grew to a total of 1.31 million bpd from 1.40 million posted last month.
Condensate is a mixture of light liquid hydrocarbons, similar to a light (high API) crude oil — usually separated out of a natural gas stream at the point of production (field separation) when the temperature and pressure of the gas are dropped to atmospheric conditions.
In January, February, March, April, and May, the country’s crude oil production averaged 1.39 million bpd, 1.25 million bpd, 1.24 million bpd, 1.22 million bpd, and 1.02 million bpd, respectively.
Nigeria has consistently failed to meet the 1.8 million bpd production quota set by the Organisation of Petroleum Exporting Countries (OPEC).