Nigeria’s March Crude Oil output Declines yet more, According to OPEC

Nigeria’s March Crude Oil output Declines yet more, According to OPEC

According to the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s average daily crude oil production fell in March 2019.

According to OPEC data based on direct contact, Nigeria’s average daily production fell from 1.3 million barrels in February to 1.2 million barrels.

The sole industry on which we still rely for income is crumbling in front of our eyes. It is incomprehensible that you cannot produce 1.2 million barrels of crude oil per day while projecting 1.7 million barrels per day. How would you like to endure? That is more than 30% of your anticipated income lost.”

In 2024, the Nigerian government hopes to produce 1.7 million barrels per day, including condensate. Still, the country has to deal with issues like theft and pipeline sabotage.

Isaac Botti advocates for attempts to diversify income sources because Nigeria’s budget for 2024 is largely dependent on the proceeds from the sale of crude oil.

What makes us give up on the manufacturing sector? Why did we give up on Nigeria’s agricultural sector in the 1960s, when it had been the country’s economic backbone in the 1950s? Why did we give up on those pursuits? We must return to those practices.”

Heineken Lokpobiri, the state minister for petroleum resources, has blamed maintenance operations by certain oil corporations and problems with the Trans-Niger pipeline, a significant oil pipeline in the nation, for the poor output of crude oil in the first quarter of this year. He promised a speedy recovery.

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