However, the report also sheds light on Nigeria’s struggle to meet its OPEC quota of 1.8 million bpd and its 2023 budget benchmark of 1.6 million bpd. The Nigerian Upstream Regulatory Commission (NUPRC) revealed that Nigeria failed to meet its production targets and reported the lowest production so far this year.
Nigeria, the largest oil producer in Africa, has come out on top as the leading crude oil producer on the continent, according to the latest monthly report from the Organisation of Petroleum Exporting Countries (OPEC). The report indicates that Nigeria produced 1.268 million barrels per day (bpd) in March 2023, surpassing its African peers, Algeria and Angola, which produced one million and 972,000 bpd, respectively.
At the Nigerian International Energy Summit, the Chairman of Shell Companies in Nigeria, Osagie Okubor, lamented the devastating effects of pipeline vandalism and oil theft, noting that the Trans Niger Pipeline’s shutdown had resulted in a loss of approximately 65,700,000 barrels of oil. This translates to a loss of around $5.45 billion or N2.3 trillion in revenue, based on an average oil price of $83 during the period.
