Nigeria Maintains 1.5mb/d OPEC Oil Quota For Two Months

New statistics by the Organization of the Petroleum Exporting Countries’ August 2025 Monthly Oil Market Report (MOMR) have shown that Nigeria was able to sustain its crude oil production for two months straight, a little above the 1.5 million barrels per day cut quota set for it by the group.

The country’s average daily oil production rose to 1.505 million barrels per day in June and 1.507 million barrels per day in July, respectively, from 1.453 million barrels per day in May.

This is the third time the country’s average crude production would meet the OPEC quota this year — January, June, and July.

January has the highest output of 1.54 mbpd.

Crude production dropped to 1.46 mbpd in February, 1.40 mbpd in March, 1.48 mbpd in April and 1.45 mbpd in May.

However, the surge above the OPEC quota in June was sustained in July.

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, spoke recently about the Project One Million Barrels Initiative launched in 2024.

According to him, Nigeria is actively boosting crude oil production by reactivating dormant fields, fast-tracking regulatory approvals, and enhancing operational efficiencies across the upstream value chain.

Komolafe maintained that the current administration had succeeded in raising oil (crude and condensate) from 1.4 mbpd to 1.7 mbpd.

He said the recent increase in oil production by about 300,000 bpd confirmed the government’s efforts to achieve the ambitious 2 mbpd oil output.

“With a clear target of increasing production from 1.46 million barrels per day to 2.5 million bpd by 2026, the initiative has already demonstrated strong momentum with current unreconciled daily production averaging 1.7–1.83 mbpd,” he stated.