The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production declined to an average of 1.354 million barrels per day in March 2022.
OPEC made this known in its Oil Market Report for April 2022 obtained on Tuesday in Lagos.
The report said the figure showed a decrease of 24, 000 barrels per day when compared to the 1.378mb/d produced averagely in the month of February 2022.
“According to secondary sources, total OPEC-13 crude oil production averaged 28.56 mb/d in
March 2022, higher by 57 tb/d month-on-month.
“Crude oil output increased mainly in Saudi Arabia, Kuwait and the United Arab Emirates while production in Libya, Nigeria and Congo declined,” it said.
The report noted that following a contraction of 1.8 per cent year-on-year in 2020, Nigeria’s economy expanded by 3.6 percent in 2021.
It said this economic recovery was most likely to continue over the course of 2022 with support from improvements in the hydrocarbons sector and energy prices.
