For the fourth time this year, Nigeria again failed to meet the oil production quota allocated to member countries by the Organisation of Petroleum Exporting Countries (OPEC) in April.
In a report released by OPEC on Monday, the oil cartel said Nigeria produced 1.39 million barrels per day as against the expected 1.735 mb/d.
What this means is that Nigeria’s oil production plunged by 40,000 barrels per day, translating to 1.2 mb/d during the period.
Nigeria missed its oil production target for January after pumping 1.399 mb/d against the 1.683 mb/d approved by OPEC.
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The country produced 1.258mb/d and 1.238 mb/d in February and March respectively.
Data by Reuters shows that Brent crude oil prices, the benchmark for Nigeria’s oil, closed on average in April at $101 per barrel.
The 1.2 mb/d production shortfall comes to a total of $121.2 million (N49.9bn) oil revenue loss.
The OPEC, however, revealed that Nigeria was not only the country that hobbled on its expected oil production plan for April.
Libya and a handful of African countries also failed to meet the quota allocated to them by the Vienna-based oil cartel.
According to OPEC, 10 members are pumping far less than the agreed quota.
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