Nigeria’s oil production increased by 6.73 million barrels to 36.7 million barrels in May 2023, resulting in cumulative revenue of about N1.27 billion for the month under review.
Data obtained on Friday from the Organization of Petroleum Exporting Countries’ (OPEC)latest monthly oil market report for June 2023, showed that Nigeria’s crude oil production fell from a total of 29.97 million barrels. in April to 36.7 million barrels in May.
OPEC said crude production figures received by the global oil group, based on direct communication from Nigeria, showed that the country pumped 999,000 barrels of oil a day in April, but fell to a low. 1,184,000 barrels per day in May of this year.
Industry figures obtained by Statistica, a global statistics company, show the average cost of Brent, the international benchmark for crude, in April and May at $75 per barrel, respectively. and $80/barrel.
By producing a total of 29.97 million barrels of crude oil in April 2023, at an average price of $80 per barrel, Nigeria has earned about $2.4 billion (1.1 billion naira at exchange rates). The official exchange rate is 461 naira/USD, in April this year). In addition, by pumping 36.7 million barrels of crude oil in May, at an average cost of $75 a barrel, Nigeria’s oil revenue came in at around $2.75 billion, or 1.27. billion naira, based on the official exchange rate of 461 naira/barrel. $ as of May 2023.
However, it was observed that although the cumulative difference in Nigeria’s oil production for two months was more than 6 million barrels, the average cost of crude oil fell by about $80/barrel in April to around $80/bbl in April. $75/barrel in May.
Nigeria’s oil production has fluctuated since last year, with the country recording its lowest oil output of 0.937 million barrels per day in September 2022. The federal government and oil industry players say that this is due to the theft of large quantities of crude oil in oil-rich Nigeria. . The Nigerien Delta.
The situation has also resulted in huge revenue losses for the country, international oil companies operating in Nigeria, as well as local operators in the sector. But the country’s oil production began to improve after September, after concerted efforts by security officials and oil operators, with industry figures showing crude output at 1.014 million barrels per day. day in October.
This represents an increase of 0.077 mb/d from September production of 0.937 mb/d. In November, the country pumped 1.185 million barrels of crude oil, up 0.171 million barrels from the output produced in October.
The increase in production continued into December of last year, with Nigeria producing 1,253 mbd that month, representing a 0.05 mbd increase over November production. 2023 is about 23,000 bpd higher than crude oil production of 1.235 million bpd in December 2022. The momentum was maintained in February, with production of 1.31 million bpd. But volumes fell to 1.27 million bpd in March, ending Nigeria’s seven-month oil production streak. It dropped again in April to 0.998 mbd.
But the latest figures in OPEC’s June 2023 report show that Nigeria’s oil production increased in May, reaching 1.18 million bpd, a development that boosted the country’s oil revenues for the month. 5.
The federal government and other operators in the sector are currently trying to stem a drop in Nigeria’s oil production.
