LAGOS, NIGERIA – Nigeria’s crude oil production experienced a downturn in March. Average daily output fell to 1.40 million barrels. This marks a decrease from February’s 1.465 million barrels per day.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed these figures.
Total oil output, which includes condensate, also saw a reduction. Nigeria produced a combined 1.603 million barrels daily in March. This figure consists of 1.40 million barrels of crude oil and 202,993 barrels of condensate.
NUPRC officials point to persistent issues. Crude oil theft and pipeline vandalism remain key factors behind the lower production numbers.
Despite these challenges, government optimism continues. Minister of State for Petroleum Resources, Heineken Lokpobiri, recently stated Nigeria retains the capacity to reach 3 million barrels per day this year. This outlook contrasts with the current production trend.
Market signals add to the complex picture. Argus Media reported weak buyer interest for Nigerian crude during the April trading cycle. Their report noted about 15 cargoes intended for April loading struggled to find buyers.
This decline in Nigeria’s crude oil production affects the nation’s output performance. Reduced production volumes can influence national revenue streams.
Abdullah Korede
