Nigeria posts OPEC’s steepest oil production decline in March
Nigeria’s oil production was reported at 1.67 million bbl/day in March, down from 1.80 million bbl/day in February. The country had pumped 1.96 million bbl/day in January.
According to the latest monthly report from OPEC, Algeria, Angola, the United Arab Emirates and Venezuela also recorded declines in their oil production while other OPEC countries, led by Saudi Arabia, saw an increase. In fact, Saudi Arabia’s oil production in March was the highest recorded in the last 30 years. Meanwhile, Kuwait’s production remained unchanged, according to the report.
Crude oil production from Algeria fell to 1.12 million bbl/day from 1.13 million in February; Angola’s oil production fell to 1.75 million bbl/day from 1.79 million, the United Arab Emirates’ production fell to 2.91 million bbl/day from 2.98 million and Venezuela’s production fell to 2.73 million bbl/day from 2.74 million.
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