April 12, (THEWILL) – Nigeria’s crude oil production in March 2024, dropped to 1.23 million barrels per day (bpd) from 1.32 million bpd recorded in February 2024, the Organisation of Petroleum Exporting Countries (OPEC) said on Friday, in its Monthly Oil Market Report (MOMR).
According to the Cartel, Libya recorded an average higher figure of 1.236 million bpd, which was 5,000 barrels higher than Nigeria’s daily oil production for March 2024.
The country’s crude oil production in March was the lowest this year and fell below the benchmark crude oil production of 1.78 million barrels daily in the 2024 budget.
According to the report, Saudi Arabia maintained its position as the biggest oil producer among OPEC member countries with average daily production of 8.97 million bpd- a drop of 39,000 barrels, followed by Iraq with 3.9 million bpd and the United Arab Emirates with 2.91 million barrels daily.
Also in March, the value of the OPEC Reference Basket (ORB) rose by $2.99, or 3.7% month-on-month, reaching an average of $84.22 per barrel. Similarly, oil futures prices also saw an increase.
Meanwhile, Nigeria’s oil rig count rose by another three in March, climbing to 19, from February’s count of 16.
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