How Nigeria's crude oil production rose to a two-month high

• Nigeria’s crude lipid accumulation accrued successful April amid a planetary diminution successful prices, which affects Nigeria’s fund performance
• Data from the Nigerian Upstream Petroleum Regulatory Authority (NUPRC) shows that Nigeria produced 1.486mbpd successful April
• However, the improved accumulation fell beneath the 1.5 cardinal barrels regular acceptable by the Organisation of Exporting Countries (OPEC)

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

Nigeria’s crude lipid output deed a two-month precocious successful April, showing a humble recovery.

However, the caller accumulation is beneath Nigeria’s assigned quota acceptable by the Organisation of the Petroleum Exporting Countries (OPEC).

FG reports improved crude lipid accumulation successful April amid declining prices. Credit: NurPhoto/Contributor
Source: Getty Images

Nigeria’s improved accumulation fails OPEC test

According to information from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the state pumped astir 1.486 cardinal barrels regular successful April, from 1.401 cardinal barrels successful March.

April fig shows Nigeria’s champion show since February, but is abbreviated of the 1.5mbpd quota allotted by OPEC for the reappraisal period.

NUPRC disclosed that the crude accumulation was 99% of the OPEC quota astatine 1.5.

According to reports, Nigeria’s crude lipid production, including condensates, for April reached 1.683 mbpd.

The upstream regulator stated that OPEC does not see condensates successful its quota for subordinate countries.

Nigeria ramped up accumulation successful April

The NUPRC study showed that regular accumulation successful April ranged betwixt 1.60 cardinal barrels regular astatine its lowest and 1.73 cardinal bpd astatine its peak.

The regular mean comprised 1.485.700 bpd of crude lipid and 197,607 bpd of condensates, hitting 1,683,307 bpd.

Nigeria’s lipid accumulation has been unstable successful the archetypal 4th of 2025, with output hitting 1.539 cardinal barrels regular successful January, 1.466 mbpd successful February, earlier declining to 1.401 mbpd successful March, and aboriginal recovering to 1.486 mbpd successful April.

FG sets ambitious targets for crude production

BusinessDay reports that Presidential Adviser connected Energy, Olu Verheijen, announced that Nigeria targets a boost successful regular accumulation to 2.7 cardinal barrels of combined crude and condensate by 2027.

She disclosed that the OPEC quota does not see condensate, saying that the state has acceptable an ambitious people for a operation of condensate and crude.

The announcement came arsenic OPEC reportedly affirmed that it volition proceed to show subordinate countries’ adherence to their crude accumulation quotas.

Experts laud the improved production

Meanwhile, experts person disclosed that the accrued output puts the state connected a competitory borderline pursuing the driblet successful planetary crude prices.

They disclosed that the lone mode for the state to travel retired of the driblet successful FX net was to ramp up crude accumulation and exports.

“Crude lipid contributes a important portion of Nigeria’s FX earnings, and a diminution successful accumulation means a depleted reserve, Adeola Yusuf, an energy expert, told Legit.ng.

He said improving lipid accumulation is cardinal to gathering respective authorities targets, particularly arsenic it has budgeted $75 per tube successful the 2025 budget.

Janet Ogochukwu, economist and elder banker, hailed the move, saying the improved crude output means accrued FX earnings, which volition impact the naira positively.

“The naira suffers from depleted reserves, which is caused by debased FX earnings, she stated.Investors rapidly divest from economies with debased reserves due to the fact that it means that they volition not determination their investments erstwhile they request them. That besides affects section currencies arsenic the cardinal slope volition not person capable FX to support the currency,” she said.

Nigeria exceeded its OPEC quota successful March

In March, Legit.ng reported that Nigeria produced 70,000 barrels per time supra the assigned quota by the Organisation of Petroleum Exporting Countries (OPEC). 

A Reuters survey shows that OPEC accumulation accrued successful February arsenic Iranian exports steadied contempt attempts by the US to halt the flow. 

FG sets caller people for crude lipid accumulation successful 2026. Credit: Picture Alliance/Contributor
Source: Getty Images

OPEC countries produced 26.74 cardinal barrels regular successful February, 170,000 bpd supra January’s output, with Iran and Nigeria having the largest gains.

OPEC and its partners are keeping accumulation cuts successful spot successful March owed to hopes of constricted request and rising accumulation extracurricular the cartel.

Nigeria gains caller presumption successful Africa

Legit.ng earlier reported that Nigeria has met and exceeded the lipid production quota acceptable by the Organisation of the Petroleum Exporting Countries (OPEC).

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this recently.

In January 2025, the state focused connected expanding lipid production, raising mean regular crude accumulation to 1.538 cardinal barrels, astir 39,000 much than the 1.5 cardinal barrels per time acceptable for it by the planetary lipid cartel.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng