Nigeria's Oil Production Fell By 6% In March to 1.23 Million Barrels Per Day — OPEC

ACCORDING to the Organization of Petroleum Exporting Countries, or OPEC, Nigeria's average daily production of crude oil fell to 1.23 million barrels in March.

This was stated by OPEC in its monthly report on the oil market, which was released on Thursday, April 11.

The oil alliance claims that direct connection with Nigerian authorities served as the foundation for the production data.

Members of the organization directly provide statistics on crude oil production to OPEC, while secondary sources of information include energy intelligence platforms.

Per to the statement, the current output number is 6.88 percent lower than the 1.32 million barrels per day that were recorded in February.

Nigeria's output has decreased gradually since the start of 2024, according to the most recent data, from 1.42 million barrels per day in January.

Consequently, Libya (which produced 1.24 million barrels per day in the month under review) overtook the nation as the largest producer of oil in Africa.

According to the group, Algeria was the third-largest oil producer in the month under investigation, producing 907,000 barrels per day.

Nigeria's crude output, according to OPEC's secondary sources, is estimated to be 1.398 million barrels per day, down 5.28 percent from the 1.476 million barrels per day that the oil alliance recorded in February.

“According to secondary sources, total OPEC-12 crude oil production averaged 26.60 mb/d in March 2024, 3 tb/d higher, m-o-m" the statement reads.

“Crude oil output increased mainly in IR Iran, Suadi Arabia, Gabon, and Kuwait, while production in Nigeria, Iraq and Venezuela decreased.”

On January 1, the Nigerian Upstream Petroleum Regulatory Commission, or NUPRC, announced plans to increase the nation's oil production to 2.6 million barrels per day by 2026.