Nigeria lost about N720bn in revenue as a result of the consecutive monthly decline in its crude oil production in February and March 2024, The PUNCH reports.
Also, the country’s inability to ramp up production in these months made it to miss its crude oil production benchmark in the 2024 budget.
Nigeria’s 2024 budget set a crude oil production benchmark of 1.78 million barrels per day. This figure includes condensate along with crude oil.
But data obtained from the latest April 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries showed that Nigeria’s crude oil production (excluding condensates) witnessed the second consecutive monthly decline since the beginning of this year, as it dropped to 1.231 million barrels per day in March.
OPEC stated that crude oil production details which it got through direct communication from Nigeria showed that the country pumped less oil in March when compared to what was produced in February.
