Nigeria’s October oil output falls, crude stays above quota

Nigeria’s upstream regulator reported that combined crude oil and condensate production fell 1.7% in October to 1,687,710 barrels per day, while crude output excluding condensate remained above the country’s OPEC quota for a sixth consecutive month.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) put September’s combined production at 1,717,030 barrels per day. October’s average was about 29,000 barrels per day lower. The figures were attributed to the regulator; the reports did not identify a specific cause for the month-to-month decline.

Crude oil alone averaged 1.51 million barrels per day in October, equivalent to 101% of Nigeria’s OPEC quota of 1.5 million barrels per day. That measure excludes condensate, which is included in the higher combined production total. The distinction means the fall in combined output does not change the reported status of crude production against the quota.

NUPRC figures show crude-only production met or exceeded the quota each month from May through October. Output was 1.53 million barrels per day in May, 1.55 million in June, 1.51 million in July, 1.5 million in August and 1.53 million in September, before reaching 1.51 million...