NIGERIA’S CRUDE OIL OUTPUT DROPPED BY 38,102 BARRELS PER DAY IN MARCH, TRANSLATING TO A CUMULATIVE LOSS OF ABOUT 1,18MN BARRELS IN THE MONTH UNDER REVIEW, AND SIGNALED THE FIRST PLUNGE IN OIL PRODUCTION SINCE THE LAST SEVEN MONTHS. INDUSTRY DATA OBTAINED IN ABUJA ON MONDAY SHOWED THAT NIGERIA’S OIL PRODUCTION HAD BEEN ON THE RISE SINCE SEPTEMBER 2022, FOLLOWING CONCERTED EFFORTS BY THE FEDERAL GOVERNMENT AND STAKEHOLDERS TO CURB OIL THEFT IN THE SECTOR. THE RISE IN OIL OUTPUT WAS, HOWEVER, NOT SUSTAINED IN MARCH, AS LATEST FIGURES FROM THE NIGERIA UPSTREAM PETROLEUM REGULATORY COMMISSION INDICATED THAT WHILE THE COUNTRY PUMPED 1,3MN BARRELS OF CRUDE DAILY IN FEBRUARY, THE VOLUME DROPPED TO 1,2MN BARRELS PER DAY IN MARCH.