HomeLocal NewsNigeria fails again to meet OPEC quota with 1.25mpd production

Nigeria fails again to meet OPEC quota with 1.25mpd production

Date:

Related stories

Ganduje behind intimidation of Kano govt aide – NNPP

The New Nigeria People’s Party (NNPP) has accused the...

Yuletide: NSCDC deploys 3,542 operatives in Kano

The Kano State Command of the Nigeria Security and...

Police recover stolen tricycles, arrest two suspects in Kano

The Kano State Police Command has recovered two tricycles...

Kano Govt to pay N8.5bn for demolished property

Justice Sanusi Ma’aji of the Kano High Court has...

Gov. Yusuf rolls out four-year plan to end corruption in Kano

The Kano State Government has launched its Anti-Corruption Strategy...
spot_img

Nigeria has again failed to meet the 1.8 million barrels per day oil production quota set by Organisation of Petroleum Exporting Countries (OPEC), clocking just 1.258m/d production in February, 2022.

Monthly Oil Market Report released by OPEC yesterday showed that Nigeria’s oil production last month fell by 10.07 percent from the 1.399 million barrels per day production level it recorded in January.

Condensate oil production is not part of data reported to OPEC.

The Minister of State Petroleum Resources, Chief Timipre Sylva had last week blamed lack of investment by International Oil Companies (IOCs) for the country’s inability to meet its OPEC quota.

He also cited security challenges as another major factor that contributed to the lack of significant growth of the sector in the country adding that the drive towards renewable energy by climate enthusiasts has discouraged funding for the sector.

Sylva, however, called for a change of attitude, stressing that in decades to come hydrocarbon will continue to play a central role in meeting the energy needs of the world.

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reported that about 514 million litres of petrol was evacuated from various depots in the past weeks as effort to clear queues from filling stations continued.

The evacuation level amounted to 73.53 million litres per day down by 4.38 percent from 76.9 million litres per day evacuated two weeks ago.

Subscribe

Latest stories