Nigeria’s crude oil production output rises to 1.3million bpd

The Organisation of Petroleum Exporting Countries (OPEC) has confirmed that Nigeria produced 1.3 million barrels per day of crude oil in the month of February, in alignment with the country’s earlier self-reported data this month.

 The information published in the organization’s Monthly Oil Market Report (MOMR), further cemented Nigeria as Africa’s topmost producer, outperforming Algeria and Angola even as they are still not producing enough according to the country’s OPEC quota of 1.8 million bpd with a deficit of about 500,000 bpd.

OPEC in the latest report also projected that world oil demand in 2023 will rise by 2.32 million bpd, or 2.3 per cent, unchanged from last month’s forecast.

Although faster Chinese demand could support the oil market this year, according to OPEC, but crude prices have fallen this week as the collapse of Silicon Valley Bank sparked fears of a fresh financial crisis.

Oladolupo Balogun

Written by BoomRadioNG