Nigeria’s Oil Production Plunges By 15.5% In July

Oil production in Nigeria slumped by 15.5% in July from June, marking the third month-on-month decline since April, according to data from the local upstream regulator.   Last month’s oil production in the African OPEC member fell to 1,081,396 barrels per day (bpd) from 1,248,960 bpd produced in June, per the crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported by local media. Nigeria has consistently failed to produce to its quota in the OPEC+ agreement. The combination of…