Nigeria’s daily crude oil production grew by 5,000 barrels per day in March, the latest monthly report of the Organisation of the Petroleum Exporting Countries (OPEC) has shown.
The country recorded the lowest month-on-month increase in crude oil production in March this year, based on an analysis carried out by BizWatch Nigeria.
OPEC, in its monthly oil market report for April, said the country’s oil production rose by 5,000 barrels to 1.429 million BPD in March, based on direct communication.
Nigeria produced 1.494 million BPD in February, up by 133,000 barrels from 1.361 million BPD in January, according to the report.
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According to secondary sources, OPEC’s total crude oil production averaged 25.04 million BPD in March 2021, up by 200,000 BPD month-on-month.
“Total OPEC crude oil production averaged 25.04 million BPD in March 2021, up by 0.20 million BPD month-on-month. Crude oil output increased mainly in Iran, Angola, Libya, and Iraq, while production decreased primarily in Saudi Arabia,” the 13-member group said.
The report predicted that the global oil demand growth in 2021 would increase by about 6 million BPD year-on-year, having revised its estimates of about 0.1 million BPD from last month’s report.
OPEC said oil demand in the half-year is projected to be positively impacted by a stronger economic rebound than assumed last month, supported by stimulus programmes and a further easing of COVID-19 lockdown measures, amid an acceleration in the vaccination rollout, largely in the OECD region.
