Oil Production Quota: Analyzing Q1 2022 Missed Volume

Описание: Nigeria was unable to produce about 22.658 million barrels of crude oil valued at N1.22tn in the first quarter of this year due to its persistent inability to meet the crude oil production quota approved for the country by the Organisation of Petroleum Exporting Countries.
An analysis of data contained in various OPEC reports released in different months this year, showed that Nigeria failed to meet its oil production quotas in January, February and March 2022.
Figures obtained from OPEC showed that the crude oil production quota approved by the organisation for Nigeria in January this year was 1.683 million barrels per day.
OPEC also approved 1.701mb/d and 1.718mb/d for Nigeria in the months of February and March 2022, according to data contained in its different reports on oil production approvals for its members.
But in the highlights of OPEC’s latest Monthly Oil Market Report for April 2022, it was observed that Nigeria’s crude oil production from secondary sources in January 2022 was 1.413mb/d.
The highest loss was recorded in March, as the average price of Brent was put at N117.25/barrel, while the country failed to produce 11.284 million barrels of crude in the same month.


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