Nigeria’s oil production rises to 1.57 mbpd in March, breaches OPEC quota
Nigeria’s oil production output rose to 1.57 million barrels per day in March, 30,000 mbpd more than the production in the previous month.
However, the March production output was 70,000 bpd more than the Organisation of Petroleum Exporting Countries (OPEC) quota for the month.
According to S&P Global Platts survey, several other members of the OPEC exceeded their oil production quotas in March.
Crude oil production from OPEC and its allies rose by 450,000 bpd in March as Russia and Iraq pumped well above their agreed caps.
Equally, quota-exempt members such as Iran and Libya also boosted output. In Libya’s case, its production hit an almost eight-year high.
Iraqi compliance fell to 88 percent in March, as it produced 3.95 million bpd, an increase of 60,000 bpd from the previous month.
Despite a fall in exports, its crude inventories grew, survey panelists said. The March figure is almost 90,000 bpd above its OPEC+ production quota of 3.857 million bpd.
OPEC’s 13 members pumped 25.20 million bpd in March, up 340,000 bpd from February, while their nine non-OPEC partners, led by Russia, produced 13.08 million bpd, a rise of 110,000 bpd, the survey found.
With the production gains, OPEC+ compliance with its quotas slipped to 111 percent in March, compared with 113.5 percent in February, juiced by Saudi Arabia voluntarily cutting an additional 1 million bpd since January.