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Vanguard News Nigeria’s oil output drops 15% to 1.5mb/d On By Udeme Akpan, Energy Editor The average Nigeria’s oil output dropped Year-on-Year, YoY, by 15 per cent to 1.5 million barrels per day, mb/d (excluding condensate), in 2020, compared to 1.7mb/d recorded in the corresponding period of 2019, according to data obtained from Organisation of Petroleum Exporting Countries, OPEC. On Quarter-on-Quarter, QoQ, the nation’s oil output stood at an average of 1.75 mb/d in first quarter (January -March) of 2020, compared to 1.67 mb/d, recorded in the corresponding period of 2019, indicating a marginal increase of 0.05 per cent. But it dropped to 1.52 mb/d, 1.35mb/d and 1.28 mb/d in the Second, Third and Fourth quarters of 2020, against 1.77 mb/d, 1.82 mb/d and 1.67 mb/d recorded in the corresponding period of 2019, thus showing a decrease of 14.1 per cent, 25.8 per cent and 23.4 per cent respectively during the period under review.

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