Nigeria retained its position as Africa’s largest crude oil producer in March despite a decline in output, according to the latest monthly report from the Organisation of Petroleum Exporting Countries (OPEC).
The oil cartel reported that Nigeria’s oil output decreased to 1.40 million barrels per day (bpd) in March from 1.46 million bpd in February. Nevertheless, Nigeria’s production remained the highest in Africa, surpassing Algeria’s 909,000 bpd and Congo’s 263,000 bpd.
According to data from secondary sources, OPEC estimated Nigeria’s production at 1.51 million bpd in March compared to 1.54 million bpd in February. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the production decrease to 1,400,783 bpd in March, which represents 93 percent of the 1.5 million bpd quota set for Nigeria by OPEC.
On April 4, OPEC and its allies decided to increase oil production by 411,000 bpd in May amid declining oil prices, which threatens the implementation of Nigeria’s 2025 budget.
Source: thecable.ng
