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Nigeria’s crude oil output declined by 4.37% in March, falling to 1.401 million barrels per day (bpd) from 1.465 million bpd in February.
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The decline widens the gap between Nigeria’s actual production and its OPEC quota of 1.5 million bpd, with the country now producing 6.6% less than its target.
Nigeria’s crude oil production has declined by 4.37% in March, falling to 1.401 million barrels per day (bpd) from 1.465 million bpd in February, according to OPEC’s April Monthly Oil Market Report (MOMR).
The 64,000-bpd decline widens the gap between Nigeria’s actual production and its OPEC quota of 1.5 million bpd.
The country now produces 6.6% less than its target and remains 32% short of the federal government’s 2025 production goal of 2.06 million bpd.
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Persistent issues like underinvestment, aging infrastructure, and widespread oil theft continue to limit production.
READ ALSO: Nigeria’s Economic Woes Deepen as Oil Prices Plummet to $60
The falling production, combined with lower international oil prices, poses serious risks to Nigeria’s fiscal stability.
Oil exports are a major revenue source for the country, and any reduction in output directly affects government income.
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