Nigeria has again failed to meet the Organisation of Petroleum Exporting Countries (OPEC) oil production quota allocated to member countries by the cartel.
It is the fourth time that Nigeria is failing the test, OPEC said in a report released last Monday for the month of April.
The report said, among others, that Nigeria produced 1 .39 million barrels per day as against the expected 1.735 mb/d. This means that Nigeria’s oil production plunged by 40,000 barrels per day, translating to 1.2 mb/d during the period.
Nigeria missed its oil production target for January after pumping 1.399 mb/d against the 1.683 mb/d approved by OPEC. The country produced 1.258mb/d and 1.238 mb/d in February and March respectively.
Reuters said Brent crude oil prices, the benchmark for Nigeria’s oil, closed on average in April at $101 per barrel. The 1.2 mb/d production shortfall comes to a total of $121.2 million (N49.9bn) oil revenue loss.
According to OPEC records, Nigeria is not the only country wobbling with its oil production target. Libya and a handful of African countries also failed to meet the quota allocated to them.
The Vienna based oil cartel said that about 10 of its members are pumping far less than the agreed quota.
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