Nigeria’s crude oil production fell by 38,102 barrels per day in March, a cumulative monthly loss of about 1,181,162 barrels, marking the first drop in oil production in seven months.
Nigeria hit its lowest oil production record of 937,000 barrels per day in September 2022. The Federal Government and oil sector players blamed this on the massive crude theft in Nigeria’s oil rich Niger Delta. The situation also led to humongous revenue losses for the country, international oil companies operating in NIgeria, as well as indigenous operators in the industry.
But the country’s oil output started improving after September, following concerted efforts by security officials and oil operators, as industry figures showed that crude production rose to 1.014 million barrels per day in October.
The country aims to meet the 1.8 mbpd quota approved by the Organization of Petroleum Exporting Countries. Nigeria earns much of its foreign currency from the sale of crude oil and gas.
Since last year, the federal government has stepped up efforts to boost Nigerian crude oil production and reduce theft by vandals and thieves.