NIGERIA’s oil output dropped month-on-month, MoM, by   5.5 per cent to 1.249 million barrels per day, mb/d, in June 2023, from 1.184 million mb/d in May 2023.

Also, on year-on-year, YoY, the nation’s oil output dropped by 17.6 per cent to 1.249 mb/d in June 2023, from 1.515 mb/d in the corresponding period of 2022.

In its latest July 2023 Monthly Oil Market Report obtained by Vanguard, the Organisation of Petroleum Exporting Countries, OPEC, disclosed that this was based on data obtained from official sources.

The report did not consider Nigeria’s condensate output, currently hovering between 300,000 and 400,000 bpd, meaning that when this is considered, the nation’s total output would be much higher.

However, in its latest July 2023 report, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has it that Nigeria’s daily oil production lagged behind the OPEC quota in June as it rose marginally by 4.9 per cent to 1.241 million barrels compared to 1.183 million barrels recorded in May 2023.

NUPRC in its oil production figures indicated that in total crude oil production and condensate oil amounted to 1.472 million barrels per day last month, an increase of 3.15 percent when compared to May production of 1.427 million barrels per day.

[Vanguard]