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Nigeria’s Oil Output Hits 2-Month High but Falls Short of OPEC Quota

Nigeria’s crude oil production saw a slight uptick in April, reaching a two-month high, but it still lagged behind the country’s OPEC quota. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria pumped an average of 1.486 million barrels per day (bpd), a modest increase from 1.401 million bpd in March.

However, this remains just under the 1.5 million bpd target set by OPEC for the period.The NUPRC report revealed that Nigeria’s total output, including both blended and unblended condensates, reached 1.683 million bpd.

Despite this, OPEC does not count condensates towards its member countries’ quotas.“Nigeria’s average crude oil production was 99 percent of the OPEC quota,” stated NUPRC, signaling a near but not complete achievement.

The country’s oil production has fluctuated this year, with the most significant drop in March to 1.401 million bpd.

The figures are a step toward President Bola Tinubu’s goal of ramping up the nation’s production to 2.7 million bpd by 2027, combining both crude and condensates.Olu Verheijen, Special Adviser on Energy to President Tinubu, clarified, “The OPEC quota does not include condensates.

The target we’ve set for ourselves is a combination of condensate and crude.”Despite this, the nation’s oil performance still signals a gradual recovery from previous low outputs.