March saw the largest growth in OPEC as oil output reached 1.6MBD

According to a new study, Nigeria's crude oil output increased by the most in OPEC in March 2023, reaching nearly 1.6 million barrels per day (BPD). According to a Reuters report on the Organization of the Petroleum Exporting Countries' (OPEC) production volume for March 2023, Nigeria's oil production output increased and came close to exceeding the anticipated 1.6 million BPD level. The 10 OPEC countries and their partners, collectively known as OPEC+, had already decided to cut their output target by two million BPD from November 2022 to 2023. The 10 OPEC countries, including Nigeria, would aim to produce 25.416 million BPD throughout the term under this agreement; Nigeria's objective was set at 1.8 million BPD. Notwithstanding production setbacks, Nigeria saw a steady rise in outputs in the fourth quarter of the year, reaching roughly 1.23 million BPD in December 2022.