A new report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that the country experienced its first decline in crude oil production output in March 2023.
POLITICS NIGERIA reports that Nigeria was only able to pump 1,268,202 barrels per day of crude oil, a reduction from its previous production levels. Additionally, the report pointed out that Nigeria produced 63,756 blended condensates and 185,469 unblended condensates, making a total of 1,517,426 for the period highlighted.
Despite this decline, Reuters has reported that Nigeria contributed to the recent increase in crude oil production for the Organization of Petroleum Exporting Countries (OPEC), with Nigerian production posting OPEC’s biggest increase in March.
However, experts have warned that Nigeria is still struggling to meet its OPEC production quota of 1.8 million barrels per day, and is facing several challenges including the lack of new oil discoveries, as well as continuous crude oil theft and pipeline vandalism.
According to the State of African Energy Report by the African Energy Chamber, released in October 2022, Nigeria, Ghana, Algeria, and South Sudan are all expected to see a reduction in oil production volumes over the next few years, while Libya, Chad, and Egypt are predicted to become the biggest oil gainers from 2022 to 2030. The report cites closures and maintenance activities as the reasons for Nigeria’s dent in volumes.
