Nigeria increased its crude oil production to 1.42 million barrels per day in February, the latest monthly report of the Organisation of the Petroleum Exporting Countries has shown.
The country recorded the biggest increase in crude oil production last month among its peers in OPEC.
OPEC, in its monthly oil market report for March, said the country’s oil production rose by 63,000 barrels to 1.42 million barrels per day in February, based on direct communication.
Nigeria produced 1.49 million barrels per day in February, up by 161,000 barrels from 1.33 million barrels per day in January, according to secondary sources.
The report noted that as the COVID-19 pandemic had a major impact on the oil market balance, OPEC, together with its non-OPEC partners in the Declaration of Cooperation, took historic action to help stabilize the oil market.
According to the group, non-OPEC supply is expected to have declined by 2.6 million barrels per day in 2020, while the growth of 0.95 million bpd is anticipated for 2021.
Written by: EaglesFM