Nigeria’s oil production took a hit in July, dropping to 1.29 million barrels per day (bpd), as revealed by data from the Nigerian Upstream Petroleum Regulatory Commission.

This decline of 12.56 percent from June’s 1.48 million bpd and 1.52 percent from the same period last year highlights the nation’s struggle to capitalize on rising global oil prices amid a pressing need for foreign exchange.

The Forcados terminal shutdown significantly contributed to the drop, reducing production by 58.4 percent to 3.29 million bpd from 7.9 million bpd in June.

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The decrease in output comes at a time when Brent crude, the international oil benchmark, climbed from $74.51 per barrel to $89.31 per barrel in July.

Industry experts emphasize the importance of tackling challenges such as theft, inefficiencies, and asset insecurity to maximize revenue potential.

Jide Pratt, COO of Aiona and country manager of Trade Grid, stressed the need for a sustainable strategy, proper measurement, and adherence to regulations.

Olufola Wusu, an energy lawyer, called for regulatory certainty, political stability, and attractive investment opportunities to attract financing and boost production.