The Nigerian Upstream Regulatory Commission, on Sunday, revealed that Nigeria’s crude oil production rose marginally to 1.28 million barrels per day in April.
The commission in its oil production status report said the figure was a 4.1 per cent or 0.5m increase compared to 1.23mbpd recorded in March.
The figure didn’t meet the 1.78mbpd target for funding the 2024 budget but was more than projections by separate Reuters and Bloomberg surveys, based on shipping data and information from industry sources.
When added to condensate oil, production was 1.447 million barrels per day compared to 1.438mbpd recorded in the previous month.
The production figures with condensate were 1.539 million barrels per and 1.643 million barrels per day in February and January respectively.
Nigeria’s hope of substantially meeting its Organisation of Petroleum Exporting Countries quota was raised in December and January as the volume of output increased significantly from 1.33 million barrels per day in the last month to a multi-year high of 1.42 million bpd in January this year.
But that relief appears to have been short-lived, with production falling to 1.32 million bpd in February and 1.23 million bpd in March 2024.
