The Digest:
Nigeria's crude oil production fell to 1.31 million barrels per day (bpd) in February, a 10.69% decline from 1.45 million bpd in January, according to OPEC's monthly report. The figures, derived from direct communication with Nigerian authorities, show the country failed to meet its 1.5 million bpd production quota by about 190,000 bpd. However, Nigeria maintained its position as Africa's leading oil producer, surpassing Libya's 1.28 million bpd. Data from secondary sources placed Nigeria's production at 1.46 million bpd, a 0.68% drop from January. The decline comes amid heightened geopolitical tensions in the Middle East, where the US-Israel-Iran war pushed crude prices above $100 per barrel on March 9—the highest since July 2022—before easing to $87. The production drop will reduce Nigeria's oil revenue and prevent the country from fully benefiting from rising crude prices.
Key Points
- Nigeria's crude production falls 10.69% to 1.31 million bpd in February.
- Misses 1.5 million bpd OPEC quota by 190,000 bpd.
- Still Africa's top producer, ahead of Libya (1.28 million bpd).
- Secondary sources show 1.46 million bpd, 0.68% drop.
- Production decline limits revenue despite crude hitting $100.
Sources: OPEC Monthly Report
