Nigeria’s average daily crude oil output fell in the first three months of 2025 as the world battled price uncertainties amid global trade wars.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that the daily crude production figure was an average of 1.40 million barrels per day in March, down from 1.465 mbpd in February.
This was after production grew slightly to 1.5 mbpd in January, above quota allotted to Nigeria by the Organisation of the Petroleum Exporting Countries, before slipping to 1.49mbpd in March, reports Channels TV.
Similarly, oil production (crude and condensate) dropped from 1.78 1.78mbpd in January to 1.67 mbpd in February and 1.603 mbpd in March.
The regulator disclosed, “Lowest and peak production in March were 1.49 million bopd and 1.76 million bopd, respectively. The daily average production in March was 1,603,776 barrels per day, comprising both crude oil (1,400,783 bopd) and condensate (202,993 bopd). The average crude oil production was 93 per cent of the OPEC quota (1.5 mbpd).”
Over the years, Nigeria has been unable to meet its OPEC production quota due to crude oil theft and pipeline vandalism, among other factors.
Although Nigeria targets a production output of 2mbpd in its 2025 budget, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has repeatedly expressed confidence that Nigeria could hit 3mbpd this year.
At the moment, the price of crude oil has fallen by over $10 below the $75 per barrel projected by the Federal Government in the 2025 budget.
As of yesterday, Brent was $64.76 per barrel. It climbed to $65 before 9:00 AM WAT on Monday, before dropping to 64:99 at 9:00 AM WAT.
In a recent report, Argus Media disclosed that crude oil grades from Nigeria faced tepid demand in the April trade cycle as ample availability of lower-priced alternatives such as US WTI, Caspian CPC Blend, and other Mediterranean grades enticed European buyers.
The report stated that the trade cycle has since shifted to May, “with as many as 15 April-loading Nigerian cargoes still looking for buyers.”
