Nigeria’s crude oil production fell again in August, reversing gains that had pushed the country above its OPEC quota for two consecutive months.
This was against the backdrop of basking in the euphoria of an increased oil output achieved in July.
Fresh figures from the Organisation of the Petroleum Exporting Countries, as obtained from the government, showed that Nigeria pumped an average of 1.43 million barrels of crude per day in August, down from 1.507 mbpd in July and 1.505 mbpd in June.
The decline means Nigeria fell about 66,000 barrels per day short of its expected quota of 1.5 mbpd in August. This comes after exceeding the target in both June and July, when production stood slightly above quota levels.