Nigeria’s crude oil output dropped to 1.29m barrels per day (bpd) in July, according to the latest report by the country’s oil regulator.
The latest oil report data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed, production has fallen to a month low.
Analysis shows that production fell 12.56 percent from 1.48 million bpd in June this year, and by 1.52 percent from 1.31 million bpd on a year-on-year basis.
On average, crude oil production for the month was 1.08 mbpd. While blended and unblended condensate were 38,258 and 174,509 bpd respectively.
A significant cause of the decline was the temporary shutting of the Forcados terminal last month. According to the report, production dropped by 58.4 percent to 3.29 million bpd from 7.9 million bpd in June.
Shell Petroleum Development Company (SPDC) suspended loadings of Nigeria’s Forcados crude oil due to a potential leak at the export terminal in July.
“We can confirm that injections into the Forcados Oil Terminal were curtailed on Wednesday, July 12, 2023, following the report of some sheen in the mooring vicinity,” SPDC said.
With this development, Escravos oil terminal had the highest crude oil output in July 2023 among the seven major crude terminals in the country with 4.87 million bpd.