Nigeria’s Crude Oil Output Falls 10% to 1.31 Million bpd in February

Nigeria’s crude oil production fell to 1.31 million barrels per day in February, a decline of 10.69 per cent from 1.45 million barrels per day in January, according to data from the Organisation of Petroleum Exporting Countries. The figures were derived from direct communication with Nigerian authorities.

The report shows Nigeria missed its OPEC production quota of 1.5 million barrels per day, falling short by about 190,000 barrels. Secondary sources placed output slightly higher at 1.46 million barrels per day, representing a marginal drop from the previous month.

Despite the decline, OPEC confirmed that Nigeria remains Africa’s leading oil producer, ahead of Libya, which produced 1.28 million barrels per day in February. The report also noted that total OPEC crude production averaged 42.72 million barrels per day last month, up 445,000 barrels from January.

Also Read: Nigeria’s Oil Production Drops 2% To 1.517Million Bpd

The drop in Nigeria’s crude output is expected to limit the country’s oil revenue, preventing it from fully benefiting from recent global price gains.