Nigeria has suffered it’s first crude oil production shortfall in seven months after experiencing a 38,102 barrels per day in production for the month of March.
This drop translates to a cumulative loss of 1,181,162 barrels in the month under review, and signaled the first plunge in oil production since the last seven months.
Data obtained in Abuja on Monday revealed that Nigeria’s oil production had been on the rise since September 2022, following concerted efforts by the Federal Government and stakeholders to curb oil theft in the sector.
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Due to the inability to sustain the rise in output during the Month of March, latest figures from the Nigeria Upstream Petroleum Regulatory Commission indicated that the country pumped 1,306,304 barrels of crude daily in February.
The volume dropped to 1,26 million barrels per day in March.
This indicated a decrease of 38,102 barrels daily, which implies that Nigeria lost a total of about 1,181,162 barrels of crude in March, representing ₦42.71bn at the official exchange rate of ₦461/$.
