Still struggling with its oil production quota, the Organisation of Petroleum Exporting Countries (OPEC) yesterday revealed that Nigeria reported a paltry 1.024 million barrels per day production in May, a multi-year low. However, while direct country reporting of total barrels drilled was roughly 1 million bpd, secondary sources, according to OPEC, indicated that the country produced 1.258 million bpd. In all, with the latest figure released by the OPEC, it means that Nigeria’s underperformance was as high as 700,000 barrels per day for the month, although the cartel’s total allocation to Nigeria exceeded 1.75 million bpd for the month. The 1.24 million bpd production was about 195,000 bpd less production when compared with April’s total of 1.219 million bpd, OPEC said in its Monthly Oil Market Report (MOMR) released Tuesday. Despite assurances by the various government agencies, what the OPEC figures imply is that rather than improve, the country’s […]