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Nigeria Crude Production Drops 2% in March

OIL

Nigeria's oil production fell 2% in March to 1.517mbpd from 1.547mbpd in February in the first decline in six months according to Nigerian Upstream Petroleum Regulatory Commission.

  • Production had increased 3.5% in February due to an improved battle against oil theft but still lags well below its OPEC production target of 1.742mnbpd. A pipeline explosion to a feed to the key Bonny terminal in early March could be a factor in the decrease.
  • Nigeria is so far not able to meet its 1.69mbpd target for the 2023 budget but is benefiting from the current market prices above the budget benchmark of 75$/bbl.

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