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Nigeria’s oil output average 1.32mbpd in Jan, Feb, far below OPEC Quota of 1.7mbpd ~Data

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Nigeria has failed to meet its crude oil production quota as allocated by the Organisation of Petroleum Exporting Countries (OPEC) in the first two months of this year.

According to the OPEC March report released on Tuesday, the global oil cartel said Nigeria produced 1.399 million barrels per day in January and dropped to 1.25 million barrels per day in February.

The crude output by the country was far below the 1.7mb/d quota allocated to Nigeria by the oil cartel for January and February which is 1.8mbpd.

The report also indicated that Nigeria an average daily oil production stood at 1.424mb in 2021, below the country capacity and OPEC quota for the period.

It did not, however, give reasons why the country could not meet its quota.

“According to secondary sources, total OPEC-13 crude oil production averaged 28.47 mb/d in February 2022, higher by 0.44 mb/d month -on-month,” OPEC said.

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The report stated that Crude oil output increased mainly in Saudi Arabia and Libya, while production in Nigeria and Equatorial Guinea declined.

It further explained that Saudi Arabia is on top of the list as the highest producer with 10.225mb/d exceeding the 10mb/d that the Organization  approved for it in the month under review.

Group Managing Director, Nigeria oil firm, NNPC Limited, Mele Kyari,  had atrributed the inability of the country to meet its OPEC quota to lack of funding.

He said financing was badly needed to improve the country’s production capacity.

He said following the decision to allow more oil in the market, Nigeria and other members of OPEC would face challenges to quickly pump more oil.

“Even if OPEC members decide to pump more oil it may not be very, very realisable as the financing needed for more development is lacking,” Kyari said in an interview with Bloomberg Television.

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