On May 12, the data released by the Nigerian oil regulator on Thursday showed that the country’s oil production fell below 1 million barrels per day in April, from an average of 1.28 million barrels per day in the first three months of this year to 998,600 barrels per day. The lowest level in seven months after a strike by ExxonMobil’s local unit hit the country’s oil output.
Nigeria has 2.2 million bpd of production capacity but has struggled to meet its OPEC quota of 1.8 million bpd due to stolen crude, damaged pipelines and a lack of new investment in the industry.
Total oil and condensate production also fell to 1.25 million bpd in April from 1.52 million bpd in March. The government assumed oil production of 1.69 million barrels per day in this year’s budget.