Victor EzejaNigeria’s crude oil production dropped by 4 per cent to 1,400,783 barrels per day (bpd) in March 2025.
This is according to the latest crude oil and condensate production data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Join our WhatsApp ChannelThe NUPRC report, indicated that oil production dropped by 64,223 bpd in March. This is a 4.38 per cent decrease when compared to 1.465 bpd produced in February.
When the condensate is added, Nigeria’s oil production declined to 1.603 million bpd in March from 1.671 million bpd in February.
The average crude oil production, according to NUPRC, is 93 per cent of the 1.5 million bpd limit that the Organisation of Petroleum Exporting Countries (OPEC) has set for Nigeria, notwithstanding a decline in oil output in March.
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The upstream regulatory body further revealed that the lowest combined crude oil and condensate production in March was 1.49 million bpd, and rose to a peak of 1.76 million bpd.
“The daily average production in March was 1,603,776 barrels per day, comprising both Crude oil (1,400,783 bopd) and condensate (202,993 bopd). The average crude oil production was 93% of the OPEC quota (1.5 mbpd),” NUPRC stated.
Prime Business Africa reports that the output so far falls short of the 2.06 million bpd estimate in Nigeria’s 2025 budget and 2.1 million bpd production target set by NUPRC.
Amid the falling oil prices, OPEC and its allies agreed on 4 April to increase oil production by 411,000 barrels per day in May.
READ ALSO: Seven Solutions To Boost Nigeria’s Oil Production
Despite Bola Tinubu’s administration’s effort to increase oil production, the challenges of theft, sabotage of infrastructure, regulatory issues, underinvestment/divestment by major oil companies and instability, among other factors, have made it difficult to achieve the target.
With the output level coupled with declining oil prices in the international market, there is growing concern about the threat to the implementation of Nigeria’s 2025 budget.
The crude oil price benchmark in the 2025 budget was set at $75 per barrel but oil prices have dropped to between $61 and $65 per barrel in recent times.
Nigeria’s Oil Reserves To Last For Another 64 years
Meanwhile, Nigeria’s crude oil reserves have been projected to last for another 64 years, while its gas reserves could reach 93 years.
NUPRC Chief Executive, Gbenga Komolafe, who stated this in Abuja on Friday, revealed that the country’s oil reserves as of January 1, 2025 was 31.44 billion barrels for crude oil and 5.84 billion barrels for condensate, bringing the total to 37.28 billion barrels.
He added that associated and non-associated gas reserves have reached 210.54 trillion cubic feet (TCF)
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
