Oil production for the month of July 2023 fell by 13.6 percent to an average of 1.08 million barrels per day compared to 1.25mbpd recorded in June.
This is according to the latest production data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) released on Thursday.
The government had set target of 1.69 million barrels per day in the 2023 budget.
The volume of production is also significantly lower than the 1.7 million barrels per day quota allocated to the country by the Organisation of Petroleum Exporting Countries, OPEC.
The NUPRC data released on Thursday, also showed that blended and unblended condensate oil daily production in July were 38,258 barrels and 174,509 barrels respectively. Condensate oil productions are not part of Nigeria’s OPEC production quota.
In total, daily average oil production in July was 1.29 million barrels per day, a 12.8 percent drop when compared to total average daily production of 1.48 million barrels in June.
The Nigerian National Petroleum Corporation (NNPC) Limited had projected oil production to hit 1.8 million barrels per day (mbpd) by the fourth quarter of this year, as measures put in place to boost production begin to yield results.