Nigeria’s oil production in March plunged to the lowest in 2025 according to the report from the Organisation of Petroleum Exporting Countries. Using direct communication, it crashed to 1.401million barrels per day, a decline of 64,000barrel per day when compared to 1.465mbpd in February. The nation’s oil production according to OPEC in January was 1.539mbpd.
But using secondary sources, Nigeria produced 1,526mbpd in January; 1.540mbpd in February and 1.515mbpd in March, a decline of 25,000b/d when compared with that of February.
The data were contained in OPEC’s Monthly Oil Market Report for March released on Monday.
Using direct communication, Saudi Arabia produced 8.947mbpd in February; and 8.958mbpd in March.
Recall that some explosions had rocked some areas in Rivers State in March which impacted negatively on oil production.
The first explosion occurred at the Trans-Niger Pipeline ((TNP), which is one of Nigeria’s largest oil pipelines. The incident occurred near Bodo-Bonny Road, Gokana Local Government Area of Rivers State, which is currently under construction by Julius Berger Nigeria Plc through a joint funding partnership between Nigeria LNG Limited and the Federal Government of Nigeria.
TNP is a major oil transportation artery in Nigeria, has a capacity of approximately 450,000 barrels per day (bpd). However, actual transported volumes have varied due to factors such as oil theft and vandalism. As of March 2024, improved security measures led to an increase in transported crude, with volumes exceeding 200,000 bpd over the preceding six months.
The second explosion occurred at a Manifold Connecting federal line in the Okwawriwa in Ogba/Egbema/Ndoni Local Government Area (ONELGA) of Rivers State, sending massive flames and thick plumes of smoke into the sky.
Also an explosion was reported at the Soku oil facility in Akuku Toru Local Government Area, Rivers State.
The Youths and Environmental Advocacy Centre (YEAC-Nigeria), a grassroots NGO with strong networks across the Niger Delta, confirmed the latest explosion yesterday.
Executive Director, YEAC-Nigeria, Dr. Fyneface Dumnamene Fyneface, YEAC said the NGO received reports from its youth volunteers about an early morning explosion at the Soku oil facility operated by Nigeria Liquefied Natural Gas (NLNG) Limited.
OPEC also gave report of world oil supply and demand.
The report read: “World Oil Supply: Non-DoC liquids supply (i.e. liquids supply from countries not participating in the DoC) is expected to expand by about 0.9 mb/d in 2025 to average 54.1 mb/d. Growth is set to be driven by the US, Brazil, Canada and Argentina, with the main decline anticipated in Angola. In 2026, non-DoC liquids supply is forecast to grow by 0.9 mb/d to average 55.0 mb/d (including 30 tb/d in processing gains). The main liquids supply growth drivers are set to be the US, Brazil, Canada and Argentina.
DoC NGLs and non-conventional liquids in 2025 are expected to expand by 0.1 mb/d to average 8.4 mb/d. In 2026, it is anticipated to increase by around 130 tb/d to average 8.5 mb/d. OPEC NGLs and non-conventional liquids production are set to increase by 0.1 mb/d in 2025 to average 5.6 mb/d. Additional growth of around 150 tb/d is forecast in 2026 for an average of 5.8 mb/d.
DoC crude oil production in March decreased by 37 tb/d, m-o-m, averaging 41.02 mb/d, as reported by available secondary sources. Total DoC crude oil production averaged 41.02 mb/d in March 2025, which is 37 tb/d lower, m-o-m.
“World Oil Demand: Global oil demand growth for 2025 is revised down to 1.3 mb/d, y-o-y, to reflect data received for 1Q25, as well as recently announced US tariff. Oil demand in the OECD in 2025 is revised down by around 60 tb/d and now projected to grow by around 0.04 mb/d, with Americas leading oil demand growth, supported by an uptick from Asia Pacific.
“In the non-OECD, oil demand is revised down by around 90 tb/d from the previous month’s assessment and is forecast to grow by close to 1.25 mb/d, y-o-y, driven by China, India and Other Asia, with further support from the Middle East and Latin America.
“Oil demand is forecast to be supported by strong air travel demand and healthy road mobility, including on-road diesel and trucking, as well as industrial, construction and agricultural activities in non-OECD countries.
“Similarly, capacity additions and petrochemical margins in non-OECD countries – mostly in China and the Middle East – are expected to contribute to oil demand growth. However, this forecast is subject to uncertainties, surrounding global economic developments amid the new trade tariffs announced by the US.
“The forecast for global oil demand growth in 2026 is also revised down to account for the expected impact of new trade tariffs announced by the US. The global oil demand in 2026 is forecast to grow by about 1.3 mb/d, y-o-y. The OECD is expected to grow by 0.08 mb/d, y-o-y, while demand in the non-OECD is forecast to increase by 1.20 mb/d.”
