Nigeria suffers highest oil production drop among OPEC members
Nigeria saw the highest drop in crude oil production in March among its peers in the Organisation of Petroleum Exporting Countries (OPEC), the latest monthly report from the 12-member oil cartel has shown.
According to The Punch, the report, which was released on Thursday, put oil output from Nigeria at 1.67 million barrels per day in March, down from 1.80 million bpd in February. The country pumped 1.96 million bpd in January.
Four other OPEC members, Algeria, Angola, United Arab Emirates and Venezuela, recorded declines in production, while the rest (excluding Kuwait whose production remained unchanged), led by Saudi Arabia, saw an increase.
Nigeria, Africa’s top oil producer, also saw the second-largest drop in rig count after Venezuela in March, data from Baker Hughes Incorporated and OPEC’s estimates showed.