By Emmanuel Nduka
Crude oil production in Nigeria has recorded its second consecutive drop this year, from the previous 1.32 million barrels per day in February to 1.23 in March.
This is according to data from the Organization of Petroleum Exporting Countries (OPEC)’s latest monthly oil market report.
According to the data, the 92,000 per day decline recorded in March brings the total loss for the two months to about 196, 000 barrels per day.
This meant that Libya narrowly overtook Nigeria as Africa’s top oil producers within OPEC, with about 1.24 million barrels per day produced in March.
Meanwhile, Nigeria’s oil rig count rose by another three in March, climbing to 19, from February’s count of 16.
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The drop in crude oil production means lower receipts from oil sales and reduced foreign exchange for the federal government.
The report further stated that Saudi Arabia maintained its position as the biggest oil producer among OPEC member countries with average daily production of 8.97 million bpd- a drop of 39,000 barrels. The Kingdom was followed by Iraq with 3.9 million bpd and the United Arab Emirates with 2.91 million barrels daily.
In March also, the value of the OPEC Reference Basket (ORB) rose by $2.99, or 3.7% month-on-month, reaching an average of $84.22 per barrel. Similarly, oil futures prices also saw an increase.
