The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that oil output dropped to an average of 1.24 million barrels per day (bpd) from 1.25 million in February 2022.
NUPRC disclosed this in its latest crude oil and condensate production data for March 2022.
A study of it by First News showed that the figure represents a 0.80 per cent decrease from the previous month — representing the lowest production capacity so far in the year.
The country is producing below 1.4 million barrels per day in 2022, failing to meet its Organisation of Petroleum Exporting Countries (OPEC) quota of about 1.8 million bpd.
The situation is coming even as controversies still surround the actual volume of oil that ended in the hands of illegal bunkers.
The decline in oil output also depleted revenue accrued to the federation account amid zero remittances from the Nigerian National Petroleum Company (NNPC) Limited despite soaring oil prices.
Last month, Timipre Sylva, minister of state for petroleum resources, had attributed poor investment and the exit of oil majors as major issues affecting Nigeria’s inability to meet the oil production quota.
NUPRC noted Nigeria lost more than 115,000 barrels per day (bpd) to oil theft and vandalism between January 2021 and February 2022, which amounts to $3.27 billion worth of crude oil.
Last week, President Muhammadu Buhari also prodded the House of Representatives to adjust the 2022 fiscal framework to include an increase in the projected oil price benchmark, from $62 per barrel to $73 per barrel, up by US$11 per barrel.