Nigeria has failed to meet its quota as allocated by the Organisation of Petroleum Exporting Countries (OPEC) for the past two months.
In its March report, OPEC said Nigeria produced 1.399m barrels per day in January and 1.25 million barrels per day in February.
This is below the 1.7mb/d allocation for January and 1.8mb/d for February
The report also added that Nigeria maintained an average daily oil production of 1.424MB in 2021.
The report, however, failed to give reasons why the country could not meet its quota.
OPEC said: “According to secondary sources, total OPEC-13 crude oil production averaged 28.47 mb/d in February 2022, higher by 0.44 mb/d month-on-month.
It stated that Crude oil output increased mainly in Saudi Arabia and Libya, while production in Nigeria and Equatorial Guinea declined.
Furthermore, it said that Saudi Arabia is on top of the list as the highest producer with 10.225mb/d exceeding the 10mb/d that the Organization approved for it in the month under review.
Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari, had blamed the country’s inability to meet its OPEC quota on lack of funding.
