Nigeria’s Crude Oil Output Falls By 4.37% In March, Below OPEC’s Quota – Politics – Nigeria
- Nigeria’s crude oil output decreased by 4.37% in March 2025, dropping to 1.401 million barrels per day, below its OPEC quota of 1.5 million bpd as reported in OPEC’s April Monthly Oil Market Report.
- The production shortfall is attributed to issues such as underinvestment, aging infrastructure, and widespread oil theft, limiting the country’s ability to meet its 2025 production target of 2.06 million bpd.
- This decline, coupled with falling international oil prices, threatens Nigeria’s fiscal stability as oil revenues are crucial for funding public services and development projects.
- Experts emphasize the need for addressing structural challenges, increasing investment, and diversifying the economy into sectors like agriculture, healthcare, and technology to reduce reliance on oil.
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