According to the latest Monthly Oil Market Report for April 2024 from the Organisation of Petroleum Exporting Countries (OPEC), Nigeria experienced a decline in its crude oil production for the second consecutive month this year, dropping to 1.231 million barrels per day in March.
OPEC’s report, which obtained crude oil production details directly from Nigeria, revealed a decrease in oil output from 1.322 million barrels per day in February to 1.231 million barrels per day in March. This represents a significant decline of 91,000 barrels per day.
The data also showed that Nigeria’s crude oil production stood at 1.427 million barrels per day in January, but this level was not sustained in February, and the downward trend continued into March.
Despite the recent decline, Nigeria’s average crude oil production for the first quarter of 2024 was 1.327 million barrels per day, which is higher than the average production of 1.313 million barrels per day recorded in the fourth quarter of 2023. Additionally, Nigeria’s first-quarter oil output in 2024 exceeded the average production of 1.201 million barrels per day in the third quarter of 2023.
