Oil Revenue Plunges As Nigeria Misses January OPEC Quota

Nigeria missed its crude oil output target for January 2022, pumping 1.46 million barrels per day against a target of 1.683 million bpd as approved by the Organisation of Petroleum Exporting Countries.

Officials of the Federal Ministry of Petroleum Resources and the Nigerian National Petroleum Company Limited said the country’s continued inability to meet its output target had caused the repeated plunge in oil earnings, leading to the monthly drop in the NNPC’s remittances to the Federation Account.

They, however, attributed Nigeria’s prolonged inability to meet its OPEC production quota to the spate of oil pipelines vandalism, delay in the full implementation of the Petroleum Industry Act, among others

But government officials explained that the drag in the implementation of the PIA coupled with the recent suspension of petrol subsidy removal and a possible amendment of the Act, were currently impacting negatively on the sector.

These factors, according to experts and senior government sources, are contributory to the inability of Nigeria to meet its OPEC crude oil production target.

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