- Nigeria’s oil production dropped to 1.4 million barrels per day in March
- The March production level marked the second consecutive decline in the year
- March oil output is below the target set by the Nigerian Upstream Petroleum Regulatory Commission and the Federal Government
Nigeria’s crude oil production has declined for the second consecutive month to 1,400,783 barrels per day (bpd) in March, the lowest output since the beginning of the year.
This was contained in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to the data, oil production output declined by 64,223 bpd in March, a 4.38 per cent decrease compared to 1,465,006 bpd produced in February.
The data also showed that Nigeria’s total output stood at 1,603,776 bpd in March, comprising 1,400,783 bpd of crude oil and 202,993 bpd of condensates, a drop from the 1.671 million barrels recorded in February.
Despite the decline in output in March, the NUPRC said the average crude oil production is 93 per cent of the 1.5 million bpd quota set for Nigeria by the Organisation of Petroleum Exporting Countries (OPEC).
“Lowest and peak combined crude oil and condensate production in March were 1.49 million bopd and 1.76 million bopd, respectively.
“The daily average production in March was 1,603,776 barrels per day, comprising of both crude oil (1,400,783 bopd) and condensate (202,993 bopd).
“The average crude oil production was 93 per cent of OPEC quota (1.5 mbpd),” the NUPRC stated.
Nigeria’s oil production dips for second consecutive month
The oil production output recorded in March marks the second consecutive month of decline in 2025, the first being in February, when Nigeria’s daily average crude oil production was 1,465,006 bpd.
The NUPRC stated that the total oil production in February was 1,671,953 bpd, comprising 1,465,006 bpd of crude oil and 206,948 bpd of condensates.
The February 2025 output was about five per cent less than the 1,538,697 bpd recorded in January when Nigeria exceeded OPEC’s production quota of 1.5 million bpd, as its oil production, including crude and condensate, increased to 1.74 million bpd from 1.6 million bpd in December 2024.
March production level below NUPRC, FG’s target
The production level recorded in March is also below NUPRC’s 2.1 million bpd and the Federal Government’s 2.06 million bpd targets for 2025.
In early March, the NUPRC outlined a plan to add 1.07 million barrels per day (bpd) to the country’s crude oil output by December 2026.
The NUPRC said the plan includes an injection of capital into Nigerian oil blocks through joint ventures, production-sharing contracts, and sole risk contracts.
Nigeria should be producing up to 4 million bpd – OPEC
Meanwhile, TheRadar earlier reported that the Organisation of Petroleum Exporting Countries (OPEC) said Nigeria should be producing up to four million barrels of oil per day given its huge oil reserves.
The Chairman of the Board of Governors of the OPEC, Ademola Adeyemi-Bero, stated this at the Heirs Energies’ Nigeria Petroleum Industry Leadership Discourse in Abuja on Thursday, February 20.
