Nigeria’s crude oil production crashed by 744,000 barrels in March 2021 when compared to what the country produced in the preceding month of April, figures released on Tuesday by the Organisation of Petroleum Exporting Countries, showed.
In OPEC Monthly Oil Market Report for April 2022, the organisation outlined the oil production volumes of its member nations and allies, as it revealed that the output from Nigeria dropped in March.
An analysis of the document by our correspondent showed that Nigeria’s oil production dropped from the 1.378 million barrels per day recorded in February 2021 to 1.354 million barrels per day in March, indicating a daily plunge of 24,000 barrels of crude oil.
This implies that for the 31 days in March, the country’s oil production dropped by a total of 744,000 barrels, despite the current financial crisis confronting the Nigerian economy.
Further analysis of the report showed that the country’s oil production had been falling since January this year.
It was observed that while the country produced 1.413 million barrels of crude oil daily in January, this dropped to 1.378 million barrels per day in February and plunged further to 1.354 million barrels per day in March.
The situation confirmed concerns by both government officials and International Oil Companies operating in Nigeria that crude oil production in the country had been on the decline since 2021.