Nigeria lost N1.22tn to deficit oil production – Report

Due to its persistent inability to meet the crude oil production quota approved for the country by the Organisation of Petroleum Exporting Countries, Nigeria was unable to produce about 22.658 million barrels of crude oil valued at N1.22tn in the first quarter of this year.

An analysis of data contained in various OPEC reports released this year showed that Nigeria failed to meet its oil production quotas in January, February, and March 2022.

Figures obtained from OPEC showed that the crude oil production quota approved by the organization for Nigeria in January this year was 1.683 million barrels per day.

OPEC also approved 1.701mb/d and 1.718mb/d for Nigeria in February and March 2022, according to data contained in its different reports on oil production approvals for its members.

But in the highlights of OPEC’s latest Monthly Oil Market Report for April 2022, it was observed that Nigeria’s crude oil production from secondary sources in January 2022 was 1.413mb/d.

This dropped to 1.378mb/d in February and plunged further to 1.354mb/d in March this year.

These figures imply that in the first quarter of this year, Nigeria failed to produce 28.658 million barrels of crude oil to meet its production quota as approved by OPEC.



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