Nigeria’s average daily crude oil production has fallen again below the quota allocated by the Organisation of the Petroleum Exporting Countries.
Oil production figures released by the Nigerian Upstream Petroleum Regulatory Commission showed that the country’s crude production fell to approximately 1.47 million barrels per day in February, down from 1.54mbpd in January.
Nigeria’s OPEC quota is 1.5 million barrels per day. The drop in February indicates that Nigeria lost an average of 70,000 barrels of crude oil daily, representing a loss of about 2.1 million litres in one month.
In January, Nigeria exceeded its OPEC quota by over 30,000 barrels, receiving accolades from industry stakeholders, who said the Federal Government and other agencies were serious about the ambitious 2.06mbpd oil production target.
However, this achievement has been eroded with the latest data from the NUPRC, which shows that the country lost about 70,000 barrels daily between January and February.
Similarly, oil production (crude and condensate) dropped from 1.78mbpd in January to 1.67mbpd in February.
