According to OPEC\u2019s latest data from their monthly oil market report for March, Nigeria’s crude oil production saw a significant drop to 1.23 million barrels per day, marking a decline of 92,000 barrels from February 2024’s daily production of 1.32 million.<\/p>\n
This decrease in crude oil output in March stands as the lowest for the year, falling below the benchmark crude oil production of 1.78 million barrels daily outlined in the 2024 budget.<\/p>\n
As a consequence of this decline, Nigeria has ceded its position as the continent’s largest oil producer to Libya. Libya saw a surge in production from 1.17 million bpd in February to 1.24 million bpd in March.<\/p>\n
The implications of Nigeria’s reduced crude oil production are twofold: diminished revenues from oil sales and a decrease in foreign exchange earnings for the federal government.<\/p>\n
The OPEC report highlights Saudi Arabia’s continued dominance as the leading oil producer among its member countries, maintaining an average daily production of 8.97 million bpd, albeit with a slight drop of 39,000 barrels. Following Saudi Arabia are Iraq with 3.9 million bpd and the United Arab Emirates with 2.91 million barrels daily.<\/p>\n","protected":false},"excerpt":{"rendered":"
According to OPEC\u2019s latest data from their monthly oil market report for March, Nigeria’s crude oil production saw a significant drop to 1.23 million barrels per day, marking a decline of 92,000 barrels from February 2024’s daily production of 1.32 million. This decrease in crude oil output in March stands as the lowest for the […]<\/p>\n","protected":false},"author":27,"featured_media":26894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-26890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=26890"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26890\/revisions"}],"predecessor-version":[{"id":26944,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26890\/revisions\/26944"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/26894"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=26890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=26890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=26890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}