Nigeria's crude oil production dropped to 1.2 million bpd in March, the lowest since 2024, according to OPEC. Concerns arise for modular refineries as Dangote may import more crude.
Nigeria ’s crude oil production plummeted further to a 2024 low in March as the country’s output stood at 1.2 million barrels per day according to the Organisation of Petroleum Exporting Countries .• Production plummets to 1.2m bpd amid rising oil price , mounting petrol subsidy debt• Worries for modular refineries as Dangote may import more crude
OPEC monthly data for March, released yesterday showed that Nigeria’s oil production, which was 1,322 million bpd in February went down to 1,231 million marking a reduction of 91,000 bpd within the month and 549,000 bpd to the budget benchmark. In January, when compared with the oil production benchmark, Nigeria could not produce about 10.9 million barrels of crude, translating to about $875.4 million using the average $80 barrel oil price in January.
This is unlike Nigeria’s recorded output of 1.23 bpd in March compared to 1.32 million bpd in February. The April output figure represented the lowest production rate the nation has recorded since July 2023. Speaking recently about the efforts by NNPC Ltd to eradicate corruption from its system and stem crude oil theft and pipeline vandalism, Mele Kyari, the group chief executive officer of the company contended that going by the volume of oil stolen daily and the brazenness with which the perpetrators operate, crude oil theft was the most humongous and virulent economic crime in Nigeria that must attract the attention of the EFCC.
In another development, Nigeria’s crude oil Bonny Light surged to $87.86 per barrel in March 2024 from $85.65 per barrel in the previous month. The figure represents a 2.6 per cent increase from the product’s price in February. Dangote Refinery has been sourcing crude oil outside of Nigeria amid local challenges. Despite the Domestic Crude Oil Supply Obligations in the Petroleum Industry Act , most modular refineries are operating less than 25 per cent of their capacity due to crude oil challenges.
The former Governor of Oyo State and Otun Olubadan of Ibadanland, Rasidi Ladoja, has attributed the ongoing security challenges facing various sectors of the economy to the accumulated lapses of previous administrations.The pan-Yoruba socio-cultural organisation, Afenifere, has appealed to governors in the South-West region to extend their support to farmers in accessing agricultural facilities provided by the Federal Government.
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