Nigeria Loses 44.275m Barrels of Crude Oil to OPEC Quota Under-performance in One Year

Nigeria lost about 44.42 million barrels of crude between October 2020 and September this year, due to its inability to meet the production quota allocated to it by the Organisation of Petroleum Exporting Countries (OPEC), an analysis of data in the last one year has shown.

The OPEC data sub-themed: “Crude Oil Production in OPEC Member Countries: Deviation from Required Production Levels,” indicated that since 10th month of last year, the country’s capacity to fill its production vacuum has degenerated progressively from 30,000 barrels per day in October to 301,000bpd in August this year, culminating in 215,000 bpd as of September, 2021.

Nigeria’s deviation from actual required production levels which amounted to over a month of production wipe-out using about 1.5mbpd production limit, was, as indicated, 30,000bpd in October 2020; 47,000bpd in November of the same year and 103,000bpd in December.

The negative production figures continued in 2021, with 181,000bpd in January; 43,000bpd in February; 43,000bpd in March; 63,000bpd in April and continued to soar to 124,000bpd; 155,000bpd and 201,000bpd in May, June and July respectively, hitting its peak yet in August with a huge figure of 301,000bpd.

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