By DARE OLAWIN

Nigeria?s average daily crude production rose to 1,507,000 barrels per day in July, according to a report by the Organisation of the Petroleum Exporting Countries. This is a 7,000-barrel-per-day increase above the quota approved for Nigeria by OPEC.

The latest oil output figures indicate that the country has sustained its crude production above the OPEC quota for the second consecutive month. According to the OPEC Monthly Oil Market Report for July, crude output increased marginally by 2,000 bpd, from 1.505 mbpd in June to 1.507 mbpd in the following month.

The PUNCH reports that 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 with 1.54 mbpd.

Crude production dropped to 1.46 mbpd in February. It worsened in March, falling to 1.40 mbpd. The output rose again in April to 1.48 mbpd and slipped again in May to 1.45 mbpd.

However, the surge above the OPEC quota in June was sustained in July, possibly attesting to the government?s efforts to ramp up production. 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 ramping up 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.(PUNCH)

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