By Adaobi Rhema Oguejiofor
Nigeria’s oil production has decreased by 2.9 percent in March, with an oil output of 1.26 million barrels per day (bpd) from the over 1.3 million bpd recorded in the month of February.
This was disclosed in a report released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
This comes after a continuous improvement in the country’s oil production output. As of February the average oil production output had represented a monthly increase of 3.5 percent.
The drop in production output represents the first production decline in the country’s oil sector in the last six months. However, despite these production increases, the country still fell short of its OPEC production target, which is 1.8 million bpd.
The (NUPRC) has not given reasons for the decline.
Stakeholders have stated that there is immediate need for the country to improve on its production output if it does not want to miss the output level of 1.69 million bpd for the year, which needed for the 2023 budget.
