The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed a decrease in Nigeria’s oil production for the second consecutive month, according to data from the Organisation of Petroleum Exporting Countries (OPEC).
Crude drilling operations in March, as reported by the NUPRC, showed a decline from 1.42 million barrels per day (bpd) in January to 1.32 million bpd in February, and further to 1.23 million bpd in March.
Cumulatively, Nigeria may have lost approximately 2.8 million barrels in March, averaging roughly 90,000 bpd throughout the month.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, acknowledged the declining production, attributing it to issues with the Trans Niger Pipeline (TNP) and maintenance activities by oil companies in Nigeria.
Lokpobiri assured that despite the slump, measures are being taken to address the situation and increase production sustainably.
Over the weekend, crude oil prices surged to their highest levels since October amid heightened tensions between Israel and Iran, raising concerns about potential disruptions in a region responsible for a significant portion of global crude output.
With Nigeria’s production falling short of expectations, the country risks missing out on this surge in oil prices, as it struggles to significantly increase its output.
