Nigeria’s crude oil output dropped to 1.31 million barrels per day (bpd) in February, marking a 10.7 percent decline from January’s 1.45 million bpd, according to the latest report from the Organisation of Petroleum Exporting Countries (OPEC).
The fall comes at a time of rising global oil prices, with Brent crude briefly hitting $100 per barrel on March 9 following heightened tensions in the Middle East before easing to around $87. The decline means Nigeria is unable to fully benefit from high international prices, even as local consumers face rising fuel costs.
OPEC said the February production shortfall left Nigeria about 190,000 bpd below its 1.5 million bpd quota, though the country remained Africa’s largest oil producer, ahead of Libya’s 1.28 million bpd.
The figures were based on direct communication with Nigerian authorities, while secondary sources estimated February output at 1.46 million bpd — a marginal drop of 0.68 percent from January. OPEC also reported that total crude production from member countries averaged 42.72 million bpd in February, up 445,000 bpd month-on-month.
On March 2, OPEC and allied producers agreed to boost global output by 206,000 bpd from April in response to geopolitical pressures, including the ongoing conflict involving the United States, Israel, and Iran.
Analysts warn that Nigeria’s production decline could reduce oil revenue, hinder foreign exchange inflows, and limit the government’s ability to capitalise on surging crude prices. Persistent challenges such as infrastructure constraints, pipeline vandalism, and operational inefficiencies continue to weigh on output.
As global oil markets remain volatile, meeting OPEC production quotas while taking advantage of rising prices remains a key priority for Nigeria’s oil sector and economic planners.
Leave a Reply