Nigeria Produces 75% of Budget Target in Q1 Despite Low Oil Production.

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Despite its difficulties, Nigeria was still able to produce 115 million barrels of crude oil in the first quarter of 2023.

However, the organization expected Nigeria to produce 162 million barrels, as opposed to the 115 million barrels that were actually produced, when compared to the 1.8 million barrels per day OPEC quota allotted to the country during the period.

A deficit of 47 million barrels was created during the time period under review as a result of the nation producing 115 million barrels instead of the 162 million barrels allotted by OPEC.

This indicates that Nigeria was only able to produce roughly 70% of its OPEC quota in the first quarter of 2023, which is still an improvement above the projected 60% it drilled for the most part.

TDL

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