The Crude oil production in Nigeria has witnessed the second consecutive Monthly decline in the year 2024, as it dropped to 1.231 million barrels per day in the month of March.
This was disclosed by Organisation of Petroleum Exporting Company (OPEC) in its latest Monthly Oil Market Report for April 2024.
OPEC stated that the Crude- oil production details which it got through direct communication from Nigeria showed that the country pumped less Crude in March when compared to what was produced in February.
According to OPEC, Nigeria produced 1.322 million barrels per day in February this year but this dropped to 1231 millions barrels per day in March, representing a plunge of 91mbpd.
Although, the Opec data report had earlier stated that Nigeria produced 1.427mbpd of Crude in January but this was not sustained in February as it dropped in that month.
The data, however, showed that Nigeria’s average Crude oil production in the first quarter of 2024 was 1.327 mbpd, higher than the 1.313 mbpd average Crude production in the fourth quarter of 2023.
Oil theft and pipeline vandalism have death severe blow on Nigeria’s oil production, limiting the country’s output and making it fall below the volume Approved for Nigeria by Opec
