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OPEC: Nigeria’s Crude Oil Production Dropped to 1.354mb/d in March

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The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production declined to an average of 1.354 million barrels per day in March 2022 lower than the 1.378mb/d produced in the prio month of February 2022.

 In its recently released Oil Market Report for April 2022, the organisation said the figure showed a decrease of 24, 000 barrels per day when compared to the 1.378mb/d produced averagely in the month of February 2022.

According to secondary sources, total OPEC-13 crude oil production averaged 28.56 mb/d in March 2022, higher by 57 tb/d month-on-month.

The report noted that crude oil output increased mainly in Saudi Arabia, Kuwait and the United Arab Emirates while production in Libya, Nigeria and Congo declined,” the organisation said.

According to the report, following a contraction of 1.8 per cent year-on-year in 2020, Nigeria’s economy expanded by 3.6 per cent in 2021.

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