The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s oil production decreased to 1,400,783 barrels per day (bpd) in March.
According to the latest crude oil and condensate production data of the NUPRC, the figure represents the lowest output since the beginning of the year.
NUPRC data showed that output dipped by 64,223 bpd in March — a 4.38 percent decrease compared to 1,465,006 bpd produced in February.
With the addition of condensate, Nigeria’s oil production dropped to 1.603 million bpd in March from 1.671 million barrels in February.
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Although oil output dropped in March, NUPRC said the average crude oil production is 93 percent of the 1.5 million bpd quota set for Nigeria by the Organisation of Petroleum Exporting Countries (OPEC).
“Lowest and Peak Combined crude oil and Condensate Production in March were 1.49 million bopd and 1.76 million bopd respectively,” NUPRC said.
“The daily average production in March was 1,603,776 barrels per day, comprising of both Crude oil (1,400,783 bopd) and condensate (202,993 bopd). The average crude oil production was 93% of OPEC quota (1.5 mbpd).”
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The output level is also below the 2.1 million bpd target set by NUPRC for 2025.
On April 4, the OPEC and its allies decided to increase oil production by 411,000 bpd in May — amid declining oil prices, which threatens implementation of Nigeria’s 2025 budget.
