The Organisation of Petroleum Exporting Countries (OPEC) has put Nigeria’s oil production output at 1.32 million barrels per day, bpd, for April 2022.
OPEC revealed this in its May 2022 Monthly Oil Market Report, MOMR obtained by Ripples Nigeria on Wednesday.
April production output represents a three-month low when compared to the 1.34 million bpd recorded in March and 1.37 in February.
The data also indicates that Nigeria again produced 400,000 less than the 1.7m OPEC quota which is worth N17.4bn (N418.3m) daily as the average price for oil traded at $104.58 per barrel.
Despite the low output, Nigeria remains the highest producer in Africa, ahead of second place Angola which produced 1.16 million, while Equatorial Guinea is the least with 94,000 bpd.
OPEC expects Nigeria to produce 1.773 million bpd in June 2022, as part of measures targeted at achieving market stability amid the Russia and Ukraine war.
Meanwhile, Brent crude the international benchmark price for Nigeria’s oil fell by 1.57 per cent or $1.79 on Tuesday to close at $112.50 per barrel.
Meanwhile, the US West Texas Intermediate (WTI) crude dropped 0.7 per cent or 80 cents to $113.40 per barrel.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURE: Ogun residents, waste collectors trade blames, as refuse litter environment
TIJANI ABDULKABEER, a journalist from the University of Ibadan, during a recent trip to Sango Otta, Ogun State took a look...
INVESTIGATION: How online fraudsters siphon victims’ funds through ‘SportyBet’ platform
As Nigeria transits into a cashless society, the evolution also creates opportunities for internet scammers to take advantage of unsuspecting...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...