Nigeria Emerged as OPEC’s Top Oil Performer

SEATTLE (Oil Monster): Nigeria merged as the top performer among the Organization of the Petroleum Exporting Countries (OPEC) oil producing countries during the month of March this year.

The country’s crude oil production surged higher to hit nearly 1.6 million barrels per day, recording an increase of 150,000 barrels per day (bpd) during the month. The increase production was the highest among OPEC members. Even in the midst of rise in oil production by Nigeria, a decline of approximately 70,000 bpd was reported in the combined OPEC oil production.

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The rise in Nigerian oil output was mainly on account of efforts by the Nigerian National Petroleum Corporation (NNPC) and its partners to pursue increased exploration activities using modern technology. The improved security at the Niger Delta region has clamped down illegal oil theft activities, thus boosting official production. It must be noted that Nigerian oil production has been recording steady increase over the past few months.

The sales of all the oil produced by the country could have earned at least $137.8 million (N63.50 billion) daily, totalling N1.9 trillion for the whole month of March 2023. However, reports indicate that not all oil were sold during the month.