Nigeria’s oil output recovers after March dip, says OPEC

Nigeria’s daily oil production showed a promising trend in April, surging up from 1.23 million barrels per day in March to 1.28 mbpd, according to the latest Monthly Oil Market Report from OPEC.

This marks a notable increase of 50,000 barrels per day compared to the previous month. In February, the country’s crude output stood at 1.32 million barrels per day, indicating a slight decline to 1.23 million barrels per day in March, as per OPEC’s report.

The nation’s crude production fell from 1.32 million barrels per day in February to 1.23 million barrels per day in March, according to a report issued by the organization on Tuesday.

Production dropped from 1.427 mbpd in January to 1.322 mbpd, according to primary sources.

The continuous drop in production came amid stakeholders’ concerns over the loss of revenue due to the failure of the government to ramp up production.

Recently, the Chairman of the Petroleum Technology Association of Nigeria, Wole Ogunsanya, said the country was losing a lot of revenue daily due to its inability to tackle dwindling oil production.

According to Ogunsanya, if Nigeria could retain between 60 and 70 per cent of the oil and gas value chain in the country, it stands a better chance of being among the top 20 economies in the world.

He pointed out that the country was underproducing to the tune of at least 500,000 barrels per day, which was a huge loss to the country.

But the Federal Government said the drop in Nigeria’s crude oil production was due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating across the country.

It, however, stated that efforts were on to fix the pipeline, adding that this would enable the country to produce up to 1.7 million barrels per day of crude oil and condensates.

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