Nigeria's oil production plunges by 15.5pc in July.

Oil production in Nigeria slumped by 15.5 percent 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 pipeline vandalism and oil theft with a lack of investment in capacity has made Nigeria the biggest laggard in crude oil production in the...