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OPEC QUOTA
Nigeria’s average daily crude oil production rose to 1.507 million barrels per day (bpd) in July 2025, surpassing the Organization of the Petroleum Exporting Countries’ (OPEC) target for the second month in a row.
Nigerian crude remained steady at $73 after a three-day decline, as concerns grew over Russian supply risks, further intensified by US President Donald Trump's escalating threats to penalize India for purchasing crude from Moscow.
Oil traders widely expect the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to approve another significant oil production increase this weekend, likely completing the revival of its previously suspended output.
Key OPEC+ nations added less oil to the market last month than the headline figure of its output plan, as the organisation’s leadership pushed members to atone for earlier overproduction.
The Nigerian currency oscillated between the N1620-25/$ support line in the unofficial market amid the resurgence of the dollar in the global financial market.
The Organization of Petroleum Exporting Countries (OPEC) has reported a decline in Nigeria’s oil production following its April Monthly Oil Market Report (MOMR), the country’s crude oil output dropped by 4.37% in March falling from 1.465 million barrels per day (bpd) in February to 1.401 million bpd
Nigeria is set to boost its crude oil production with the launch of a new terminal, Utapate, in the Niger Delta region, according to data from Bloomberg.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner in the Awoba Unit Field, Newcross Exploration and Production Ltd., have resumed production crude oil in Awoba Field, River State, for the first time since 2021.