Oil Production Output Drops By 50,000bpd In March

Nigeria’s oil production output dropped by 50,000 barrels a day to an average of 1.5 million per day, in line with its quota.

Also, loading of the country’s Bonny Light crude grade faced delays following a fire at the Trans-Niger Pipeline.

This is as the Organisation of Petroleum Exporting Countries (OPEC) reduced crude oil production last month, with curbs in Nigeria and Iraq, before the group proceeds with long-delayed plans to revive halted output.

The organisation lowered output by 110,000 barrels a day to 27.43 million per day, according to a Bloomberg survey. The cartel’s leaders have urged members to remain committed to existing production quotas, which several countries continue to flout.

Led by Saudi Arabia and Russia, the OPEC+ alliance this month plans to start gradually restoring production that was idled for several years in a bid to shore up oil prices.

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The shift came after President Donald Trump called on OPEC to “cut the price of oil” and, some delegates said, as the group’s leaders had grown impatient with members such as Kazakhstan persistently over-producing.

Iraq made the next-biggest cutback, curbing by 40,000 barrels a day to 4.15 million per day and moving slightly closer to its own agreed ceiling.

Still, Baghdad remains over its limit of 4 million barrels, and has made only limited progress with the additional cuts it pledged as compensation for over-producing.

The United Arab Emirates increased by 30,000 barrels per day to 3.33 million a day, further widening the excess over its agreed limit, according to the survey.

Data used by the OPEC secretariat, compiled from a range of external sources, shows both Iraq and the UAE largely in line with their agreed levels.

The OPEC+ is due to add roughly 138,000 barrels a day this month, the first in a sequence of incremental additions running through late 2026. The alliance is due to decide in coming days on the next tranche, scheduled for May, and several delegates said they expect it will go ahead.