adequately addressed, and production is expected to return to its previous levels in the coming days.”
OPEC stated in its latest Monthly Oil Market Report for April 2024 that crude oil production details, which it got through direct communication from Nigeria, showed that the country pumped less oil in March when compared to what was produced in February.
Data from the report indicated that Nigeria produced 1.322 million barrels per day of crude in February this year, but dropped to 1.231mbpd in March, representing a plunge of 91mbpd.
The report further stated that the country had produced 1.427mbpd of crude in January, but that was not sustained in February as it dropped in that month, while southward oil production continued in March.
OPEC data, however, showed that the country’s average crude oil production in the first quarter of 2024 was 1.327mbpd, higher than the 1.313mbpd average oil production in the fourth quarter of 2023.
Nigeria’s first-quarter oil output in 2024 was also higher than the 1.201mbpd average production in the third quarter of last year.
Oil theft and pipeline vandalism have severely impacted Nigeria’s oil production, causing output to fall below OPEC-approved levels.
Meanwhile, Lokpobiri anticipated that “Nigeria’s oil production, including condensate, which was approximately 1.7 million barrels per day prior to these developments, will soon be restored.”
He also stated that the Federal Ministry of Petroleum Resources was actively engaged in policy evolution aimed at maximising the utilisation of all available wells in Nigeria.
“This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilise the nation’s foreign exchange reserves.
“The increased revenue will also empower the government to fulfil its commitments to providing essential infrastructure, as outlined in the 2024 budget,” the statement stated.
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