The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially verified the data released by the Organisation of Petroleum Exporting Countries (OPEC), indicating a consecutive decline in Nigeria’s oil production for the second month in a row.
According to NUPRC reports, crude drilling operations in March saw a notable decrease, with production dropping from 1.42 million barrels per day (bpd) in January to 1.23 million bpd in March, marking a significant loss of approximately 2.8 million barrels over the month.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, acknowledged the declining trend, attributing it to issues on the Trans Niger Pipeline (TNP) and maintenance activities by oil companies in Nigeria during the period.
However, beyond crude oil, condensate production, which typically falls outside OPEC’s quota calculation, also experienced a decline in March, further exacerbating Nigeria’s overall production slump.
Despite efforts to address the situation and restore production levels, challenges such as oil theft and dwindling investments continue to hinder Nigeria’s ability to meet its OPEC quota consistently.
The repercussions of Nigeria’s reduced production are compounded by surging global oil prices, fueled by escalating geopolitical tensions, notably the looming threat of conflict between Israel and Iran.
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