Crude Oil Production Averaged 2 . 26 Million bpd in Q 1 2014

Despite the Government’s often-touted intention to increase production to 4 million barrels per day, Nigeria’s crude oil output in Q1 of 2014 recorded a drop in production over the corresponding period in 2013, according to the National Bureau of Statistics.

Production in Q1 of 2014 was 2.26 million barrels per day (bpd) a drop of 30,000 barrels compared to the 2.29 million bpd it achieved in the same period in 2013. The picture has improved from the end of last year, however, when production had dropped to 1.87 million bpd.

As a result, the Bureau said, the growth rate of real GDP was recorded at 6.21% in Q1 2014, higher than 4.45% recorded in the corresponding quarter of 2013.

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