Nigeria was unable to produce about 22.658 million barrels of crude oil valued at N1.22tn in the first quarter of this year. This is due to its persistent inability to meet the crude oil production quota approved for the country by the Organisation of Petroleum Exporting Countries.
An analysis of data contained in various OPEC reports released in different months this year, showed that Nigeria failed to meet its oil production quotas in January, February and March 2022.
Figures obtained from OPEC showed that the crude oil production quota approved by the organisation for Nigeria in January this year was 1.683 million barrels per day.
OPEC also approved 1.701mb/d and 1.718mb/d for Nigeria in the months of February and March 2022, according to data contained in its different reports on oil production approvals for its members.
But in the highlights of OPEC’s latest Monthly Oil Market Report for April 2022, it was observed that Nigeria’s crude oil production from secondary sources in January 2022 was 1.413mb/d.
This dropped to 1.378mb/d in February and plunged further to 1.354mb/d in March this year.
Based on the above figures, Nigeria’s crude oil production fell short of the OPEC approved quota in January by 270,000 barrels daily. This implies that the country was unable to produce 8.370 million barrels to meet its approved target for that month.
