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OPEC's crude oil output experienced its sharpest monthly decline in at least four decades during March, a direct consequence of escalating conflict in the Middle East that significantly disrupted exports from member nations. This downturn has contributed to oil prices reaching multi-year highs.
Nigeria's crude oil production experienced a 10% decrease, falling to 1.31 million barrels per day in February, according to the latest figures from the Organisation of Petroleum Exporting Countries (OPEC). This dip means the nation failed to meet its allocated production quota.
The price of Nigeria's Bonny Light crude oil has surged to $80 per barrel, a significant increase from $70, following recent military actions in Iran that have disrupted global oil markets. This rise is the highest seen since July 2025.
The Organisation of the Petroleum Exporting Countries Plus (OPEC+) has decided to increase oil production by 206,000 barrels per day starting April, all while US-Israel military actions against Iran continue to escalate.
Nigeria has incurred an estimated loss of N1.76 trillion in potential crude oil earnings for not meeting its OPEC production quota from January 2025 to January 2026. Despite favorable oil prices, the country consistently fell short of its targets.
