Nigeria Increases Crude Oil Production, Nears OPEC+ Quota
THECONSCIENCE NG reports that Nigeria increased its crude oil output to an average of 1.486 million barrels per day (bpd) last month, up from 1.401 million bpd recorded in March, nearing the official quota of 1.5 million barrels per day set by OPEC+.
According to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country’s production is now 99% of the Organization of the Petroleum Exporting Countries’ quota.
“The average crude oil production was 99 per cent of the OPEC quota (1.5 mbpd),” NUPRC stated.
A note by the Commission showed that the country’s total crude output plus condensates in April was 1.683 million bpd, according to the upstream regulator. OPEC does not include condensates in its quotas for member states.
The NUPRC report detailed that daily production in April ranged between 1.60 million bpd at its lowest and 1.73 million bpd at its peak. The daily average comprised 1,485,700 bpd of crude oil and 197,607 bpd of condensate, totalling 1,683,307 barrels per day.
The data showed that production fluctuated through the first four months of the year, with output at 1.539 million bpd in January, 1.465 million bpd in February, before dropping to 1.401 million bpd in March and recovering to 1.486 million bpd in April.
President Bola Tinubu’s Special Adviser on Energy, Olu Verheijen, in February announced that Nigeria now targets daily production of 2.7 million bpd of combined crude and condensate by 2027.
The development comes as oil prices edged up on Monday over trade talk optimism between China and the U.S.
