For the second consecutive month, Nigeria failed to meet its monthly crude production quota of 1.5mbpd as stipulated by the Organisation of Petroleum Exporting Countries (OPEC) as the country’s crude oil production dropped to 1.32mbpd from the 1.42mbpd recorded in January 2024.
This represents a decline of 104,000 bpd in the country’s crude production.
This development was announced in the Monthly Oil Market Report (MOMR) of the oil cartel.
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