Nigeria’s crude oil production hits 1.25 million BPD as earnings rise to ₦1.68trillion
An increase in Nigeria’s daily crude oil production has pushed the country's oil earnings to over ₦1.68 trillion in June 2023.
According to data showing the June 2023 report for crude oil production from the Nigeria Upstream Petroleum Regulatory Commission, (NUPRC), Nigeria's daily oil output rose to 1,248,960 barrels per day (BPD) during the review period.
An analysis of Nigeria's daily oil production output showed 1,183,691 barrels of crude oil were pumped in May. This amount revealed a drop of 65,269 barrels compared with the production output in June.
When the daily output figure was added up, a total of 37,468,798 barrels was pumped in June, an increase from a total of 36,694,427 barrels produced in May. This indicated an increase of 774,371 barrels when compared to the production figure in May.
Numbers from the recent production output have retained Nigeria’s position as Africa’s leading oil producer. The figures, however. have failed to enable it hit the 1.69 million BPD target projected in the 2023 budget.
With the crude oil price hovering at $74.89/barrel in June 2023, and the total output which stood at 37,468,798 during the same period, Nigeria raked in about $2.81 billion from sales of the commodity.
When the amount is converted to Naira using the average exchange rate of ₦600.43/$, Nigeria’s oil earnings in June were about ₦1.68 trillion.
While analysing the production output figure, the Monthly Oil Market Report (MOMR) released by the international cartel also showed that although Nigeria’s production failed to hit the target of 1.742 million BPD set by the Organisation of Petroleum Exporting Countries (OPEC) during the month under review, the output figure, however, exceeded output in May, which was put at 1.18 million BPD.
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