Daily Energy Report
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Chart of the Day: Will Nigeria’s Oil Production Recover?
Summary
Figure (1) above shows trends in Nigeria’s crude oil production as reported by secondary sources to OPEC. It shows that despite improvement in production, it has not recovered to pre-COVID-19 levels. It also shows that production declined last month.
The Government of Nigeria usually reports a lower number to OPEC. For example, for the month of March, secondary sources reported an average production of 1.398 mb/d while the government of Nigeria reported to OPEC a production of 1.232, 166 kb lower than estimates by independent companies. This is why OPEC+ depends on independent companies’ estimates to determine production and quotas.