NIGERIA FAILS TO MEET ORGANISATION OF PETROLEUM EXPORTING COUNTRIES 1.78 MILLION BARREL PER DAY QUOTA.

As Nigerians continue to experience fuel scarcity, the country has failed to meet its quota for the months of January and February as allocated by the Organization of Petroleum Exporting Countries, OPEC. In its March report released on Tuesday, OPEC said Nigeria produced 1.399 million barrels per day in January and 1.25 million barrels per day in February. This is below the 1.7 million barrels per day allocation for January and 1.8 million barrels per day for February.

The report added that Nigeria maintained an average daily oil production of 1.424 million barrels per day in 2021. However, it did not give reasons why the country could not meet its quota. It noted that Crude oil output increased mainly in Saudi Arabia and Libya, while production in Nigeria and Equatorial Guinea declined. Group Managing Director, Nigerian National Petroleum Corporation Mele Kyari,  had blamed the country’s inability to meet its OPEC quota on lack of funding.

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