The Organisation of Petroleum Exporting Countries (OPEC) reduced crude oil production last month, with curbs in Nigeria amounting to about 50,000 barrels per day, a major blow to the country’s aspirational 2.06 million bpd in the 2025 budget.
A Bloomberg survey showed that Nigeria cut production the most last month, reducing it by 50,000 bpd to an average of 1.5 million per day, in line with its quota. Loadings of the country’s Bonny Light crude grade also faced delays, following a fire at the Trans-Niger Pipeline.
In general, OPEC lowered output by 110,000 barrels a day to 27.43 million per day, according to the Bloomberg survey.
The cartel’s leaders have urged members to remain committed to existing production quotas, which several countries continue to flout.
However, the OPEC data excludes condensate, which usually amounts to about 250,000 per day for Nigeria. On March 17, a section of the Trans-Niger Pipeline, one of Nigeria’s biggest pipelines, exploded, after it was attacked by militants who had threatened to destroy Nigeria’s export as a result of a political problem in the oil-rich Rivers state.
