Nigeria has fallen short of its crude oil production target set by the Organization of the Petroleum Exporting Countries after output dropped to 1.31 million barrels per day (bpd) in February, according to the cartel’s latest monthly report.
The production level represents a 10.69 percent decline from the 1.45 million bpd recorded in January, highlighting ongoing challenges in the country’s oil sector.
Despite the drop, Nigeria maintained its position as Africa’s largest oil producer, surpassing Libya, which recorded an output of 1.28 million bpd during the same period.
According to the Organization of the Petroleum Exporting Countries report released on Thursday, the production data was obtained through direct communication with Nigerian authorities.
However, the output still fell short of the country’s 1.5 million bpd production quota, leaving a gap of roughly 190,000 barrels per day.
OPEC explained that it compiles production figures using two major sources: official submissions from member countries and secondary sources such as global energy intelligence platforms.
Data from secondary sources placed Nigeria’s crude oil output slightly higher at 1.46 million bpd in February, though this still represented a 0.68 percent decline from 1.47 million bpd recorded in January.
Analysts say the drop in production could limit the country’s ability to fully benefit from rising crude oil prices in the global market.
Read also:
- NNPC Boss Maryamu Idris appointed Nigeria’s OPEC National Representative
- OPEC: Dangote refinery affecting European petrol market
- Again, OPEC adjusts oil-demand outlook, eyes higher supply to global market
Meanwhile, the Organization of the Petroleum Exporting Countries and its allies recently agreed to increase oil output by 206,000 bpd starting in April, a move influenced by growing geopolitical tensions in the Middle East.
The ongoing conflict involving the United States, Israel, and Iran has contributed to significant volatility in global energy markets. Crude oil prices briefly surged above $100 per barrel on March 9, the highest level since July 2022, before easing to around $87 the following day.
Experts warn that unless production improves, Nigeria may struggle to maximize revenue gains from the current high global oil prices.
