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The Organization of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production dropped again in March. OPEC data shows that Nigeria’s average daily production of oil dropped to 1.2 million barrels, from 1.3 billion barrels in February
The Organization of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production dropped again in March. OPEC data shows that Nigeria’s average daily production of oil dropped to 1.2 million barrels, from 1.3 billion barrels in February.
Nigeria’s government targets a daily production of 1.7 million barrels, including condensate, in 2024. However, the nation still faces challenges including pipeline vandalism and theft. Since Nigeria’s 2024 budget heavily depends on proceeds from crude sales, Isaac Botti calls for efforts to diversify sources of income.
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The Minister of State for Petroleum Resources, Heineken Lokpobiri, has attributed the low crude oil production in the first quarter of the year to issues with the Trans-Niger pipeline and maintenance activities by some oil companies. He assured a swift recovery.
