According to oil and gas news on March 20, Nigeria’s crude oil production fell 19.6% in the fourth quarter of 2020 to an average of 1.52 million B / D, compared with 1.89 million B / D recorded in the fourth quarter of 2019.

The Central Bank of Nigeria (CBN) disclosed this in its economic report for the fourth quarter of 2020. According to the report, of the 1.52 million B / D produced during the period under review, an average of 1.07 million B / D was used for exports and the rest for domestic consumption.

The decline in oil production is due to Nigeria’s commitment to OPEC + production reduction agreement, which aims to support the rebalancing of crude oil market and price.

However, Nigeria’s production is expected to increase from January 2021, as OPEC + has agreed to increase its total production by 500000 B / D by January 2021, until it gradually achieves its target of 2 million B / D in the doc.

“Domestic crude oil production and exports declined slightly in the fourth quarter of 2020, as OPEC + maintained its production reduction agreement by increasing compliance by Nigeria and other participating countries,” it explained.

In the fourth quarter of 2020, Nigeria’s crude oil production (including agbami) is estimated to decline by 10000 barrels per day, or 0.7%, to an average of 1.52 million barrels per day in the fourth quarter of 2020 and 1.53 million barrels per day in the third quarter of 2020. ”